Gold still maintains a positive position as tensions in the Midd

Global gold prices turned lower this morning, with the spot gold price down $5.2 to $1,868.8 per ounce. Gold futures for December contract were trading at $1,881.1 per ounce, down $1.4 from the previous day.
Better-than-expected inflation data released on Thursday wiped out gains gold had made so far from safe-haven purchases. Specifically, the report showed that the consumer price index rose 3.7% year-on-year in September, beating the consensus estimate of 3.6%. On a monthly basis, consumer prices rose 0.4% (0.6% in August), but exceeded market expectations for a 0.3% rise. Core CPI (excluding volatile food and energy prices) also rose 0.3% last month and 4.1% over the 12 months, in line with expectations.
Ole Hansen, commodity strategist at Saxo Bank, said that although gold had rebounded sharply from last week's seven-month low, the precious metal was still not completely out of danger.
In his latest gold report, Hansen said gold prices would need to move well above $1,885 an ounce to provide another bullish signal. He explained that gold prices rose to a two-week high and were within range of $1,900 an ounce, but were unable to maintain that rally. Rising US CPI data limited gold's gains on Wednesday. Gold has struggled as rising inflationary pressures require the US Federal Reserve to keep interest rates at moderate levels for an extended period of time. However, Hansen noted that despite weak investor demand, gold prices have shown some recovery.