Gold rises following rising inflation data

Chicago, June 10 (Xinhua) –Gold futures on the COMEX division of the New York Mercantile Exchange rose Thursday as the market responded to the release of consumer price data.

The most active gold contract for August delivery rose $ 0.9, or 0.05%, closing at $ 1,896.4 per ounce.

The US Ministry of Labor reported Thursday that the US consumer price index surged 5% year-on-year in May, marking the fourth-largest rise since 2008.

The Federal Reserve Board (FRB) believes that current inflation is temporary and will decline in the coming months due to supply problems caused by the new coronavirus infection (COVID-19).

The Ministry of Labor reported on Thursday that the number of unemployed applications for the first week of the week ending June 5 was 376,000, less than the uncorrected 385,000 of the previous week.

Silver shipped in July rose 2.9 cents, or 0.1%, closing at $ 28.031 per ounce. Platinum shipped in July fell $ 5.8, or 0.5%, closing at $ 1,146 per ounce.

Gold rises following rising inflation data

Source link Gold rises following rising inflation data

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