Gold futures were slightly higher Friday morning, clinging to mid-week gains
despite further signs of U.S. inflation. Gold was up $4 at $1359 an ounce, near
its highest since January. Yesterday, the Labor Department said its producer
price index for final demand climbed by 0.4 percent in January after coming in
unchanged in December.
Excluding food and energy prices, core producer prices
also increased by 0.4 percent in January. Core prices had been expected to edge
up by 0.2 percent. The significant rise in wholesale inflation cements
expectations the Federal Reserve will hike interest rates in March. Housing
Starts data for January will be published at 8.30 am ET.
Analysts are looking
for 1.232 million, up from 1.192 million in the prior month. Permits are
expected to be almost in line with the prior month at 1.300 million. The
University of Michigan's Consumer Sentiment report for February is
expected at 10.00 am ET. The consensus is for 95.5, compared to 95.7 in January.
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