Gold rises after US consumer price data

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Gold prices rose on Thursday after data showed that consumer prices rose more than expected last month, but it eased concerns about the Federal Reserve reducing its monetary support.

And gold rose in immediate transactions 0.3 percent to $ 1893.75 an ounce (an ounce) by 1743 GMT, after hitting its lowest level since the fourth of June at $ 1869.46 earlier in the session.

US gold futures were settled at $1,896.40 an ounce.

Data showed a further rise in US consumer prices in May, as the continuing economic recovery from the pandemic increased domestic demand. Weekly jobless claims also fell to their lowest level in nearly 15 months.

“The most important takeaway (from the inflation data) is that this market strongly believes that the US Federal Reserve will not change its position any time soon,” said Edward Moya, chief market analyst at Oanda.

As for other precious metals, palladium fell 0.6 percent to $2,762.56, while platinum fell 0.4 percent to $1,145.23.

Silver advanced 0.5 percent to $27.88 an ounce.

(Reuters)





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