Gold sees modest price pressure after as-expected U.S. PPI

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The just-released U.S. producer price index report for August came in down 0.1%, which was right in line with expectations. The August PPI follows the July PPI reading of down 0.5%. After the CPI report, the marketplace was worried the PPI report would also show a higher-than-expected inflation print, but that was not the case.

In overnight news, the Euro zone reported its industrial production in July was down more than expected, at -2.3% from June and -2.4%, year-on-year. The key outside markets today see Nymex crude oil prices firmer and trading around $87.50 a barrel. The U.S. dollar index is lower in early U.S. trading. The yield on the 10-year U.S. Treasury note is fetching 3.447%.

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