PRECIOUS-Gold eases as dollar firms on bets for ‘transitory’ inflation
* Gold slips below $1,900/oz mark
* U.S. CPI rises 0.6% in May
* Palladium on track for a weekly decline (Recasts, adds comment, updates prices)
June 11 (Reuters) – Gold prices edged lower on Friday as the dollar held steady with some investors betting on rising U.S. consumer prices being temporary.
Spot gold was down 0.2% to $1,894.06 per ounce by 0913 GMT. U.S. gold futures rose 0.1% to $1,898.40.
Inflation has come a little bit on the higher side versus expectations, “but the view remains that these inflation levels will level off from now on,” UBS analyst Giovanni Staunovo said, adding gold is having difficulties sustaining above $1,900.
As long as it has difficulties to stay above that level “there will be some investors using that to sell gold or build up short positions,” Staunovo added.
Data showed U.S. consumer prices rose solidly in May, leading to the biggest annual increase in nearly 13 years, while jobless claims…
