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Gold Steady Near $1320

Gold prices inched higher Wednesday, resuming an uptrend after a 2-day lull to start the week.

Feb. gold was up $5.60, or 0.4%, to settle at $1,319.30/oz, holding near recent 4-month highs. Prices rose 10-days in a row until Monday, with traders betting the Federal Reserve will keep interest rates on hold until later in the year.

In economic news today, the Labor Department said import prices inched up by 0.1 percent in December after climbing by an upwardly revised 0.8 percent in November.

Economists had expected import prices to rise by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month.

The report also showed an unexpected decrease in export prices, which edged down by 0.1 percent in December after rising by 0.5 percent in November. Export prices had expected to rise by 0.3 percent.

A separate report from the Commerce Department showed wholesale inventories increased by slightly more than anticipated in the month of November.

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