Updated from 10:29 a.m. EDT with settlement prices
NEW YORK (
Gold for December delivery ticked up $3.20 to $1,616 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,619.50 and as low as $1,605.90 an ounce, while the spot price was down $1.10, according to Kitco's gold index.
Chinese consumer price index and producer price index reports Wednesday at 9:30 p.m. EDT could give investors a gauge of inflation sentiment inside the country. A consensus of economists polled by Econoday expect July CPI to fall to 1.7% from June 2011's 2.2%. A dip in inflation would signal the possibility of more monetary easing from China's central bank."We bumped a little bit into the better half of this gold range, but we're still in it," said Stanley Dash, vice president of applied technical analysis at TradeStation Securities. "June was inside May, July was inside June -- meaning the ranges, inside bars or inside months the way technicians look at it -- and so far August is inside July. So we're just going through more and more range compression."