gold rate today: Gold flat as traders await US inflation data
* Spot gold held its ground at $1,876.93 per ounce, as of 0011 GMT. US gold futures rose 0.1% to $1,879.80.
* Investors’ focus remains on the US consumer price index report due at 1330 GMT.
Federal Reserve bank leader Susan Collins said she is inclined to raise interest rates by a quarter percentage point at the central bank’s upcoming policy meeting, the New York Times reported on Wednesday.
* Although gold is seen as an inflation hedge, rising rates increase the opportunity cost of holding bullion.
* Barclays said it sees a mild recession in the US from second quarter and lasting through the fourth, citing declining activity in the manufacturing sector.
* The European Central Bank expects to continue raising interest rates “significantly” at future meetings, at a sustained pace, ECB policymaker Pablo Hernandez de Cos said on Wednesday. * Indian gold refiners have nearly stopped imports of gold dore, a semi-pure alloy, as gray market operators offer hefty discounts to market rates and cut into their slender margins, making business a losing proposition, industry officials say.
* Spot silver edged up 0.1% to $23.44, platinum fell 0.1% to $1,069.47 and palladium slipped 0.1% to $1,772.48.