Gold prices recovered today, Tuesday, from their lowest level in more than a week, after data showing a sharp increase in inflation in the United States, which strengthened the appeal of the precious metal as a hedge against inflation and pushed the dollar to decline..
Spot gold rose 0.77 percent to $ 1745.70 an ounce in the late trading session, after it had fallen earlier to $ 1722.67, its lowest level since the fifth of April..
US futures rose 0.9 percent to settle at $ 1747.60 an ounce.
Said Bob Habercorn, senior market analyst at (RJO Futures) “We needed to see some inflation to get gold to move and we saw this this morning“, Referring to data showing that consumer prices in the United States recorded the largest increase in more than eight and a half years in March.
The dollar fell to its lowest level in three weeks after inflation data, which makes gold cheaper for holders of other currencies.
The 10-year US Treasury yields also decreased.
Among other precious metals, silver rose 2.0 percent to $ 25.35 an ounce, while palladium rose 0.54 percent to $ 2690.00 an ounce after hitting its highest level since March 18 at $ 2,710..
Platinum fell 1.1 percent to 1156.80 dollars an ounce.
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