Gold rises on smaller-than-expected US inflation data
CHICAGO, Nov. 10 (Xinhua) — Gold futures on the COMEX division of the New York Mercantile Exchange rose Thursday after US inflation data fell short of expectations for October.
The most active gold contract for December delivery rose by US$40 (2.33%) to close at $1,753.7 an ounce.
Gold closed at its highest level since August 25th.
The US Labor Department reported Thursday that the US consumer price index rose 0.4% month-on-month in October, below economists’ expectations of 0.6%. He increased by 7.7% from 8.2% in the same period last year.
The US dollar index and US Treasury yields fell after a weaker-than-expected rise in US inflation data. The data also sparked hopes that the Fed might downshift to his 0.5 percentage point pace of rate hikes in December.
Gold found additional support as the U.S. Department of Labor reported on Thursday that the number of initial U.S. unemployment claims rose from 7,000 to 225,000 in the week ending Nov. 5.
Silver rose 37.5 cents (1.76%) in December to close at $21.702 an ounce. Platinum for January delivery rose $57.7 (5.79%) to close at $1,055 an ounce.
https://www.bignewsnetwork.com/news/273072802/gold-rises-on-smaller-than-expected-us-inflation-data?utm_source=feeds.bignewsnetwork.com&utm_medium=referral Gold rises on smaller-than-expected US inflation data
