© Archyde.com. Gold bars are displayed inside a gold bullion factory in Mendrisio, Switzerland, on July 13, 2022. Photo: Dennis Balibouz/Archyde.com.
(Archyde.com) – It jumped more than 1 percent, surpassing $1,900 an ounce, on Thursday, following data showing signs of slowing inflation in the United States boosted bets on a slower rate hike in the future.
On an annual basis, the consumer price index in December rose 6.5 percent, which was in line with expectations following rising by 7.1 percent in November. Core inflation also came in in line with expectations.
By 1940 GMT, it had increased 1.1 percent to $1,896.30 an ounce, following earlier reaching $1,901.4, the highest level since May 2022.
And US gold futures rose 1.1 percent at the settlement to $ 1898.8 an ounce.
Following the release of the inflation data, it fell 0.8 percent to its lowest level since early June. The dollar’s decline increases the attractiveness of the dollar-denominated metal to holders of other currencies.
As for other precious metals, it jumped 1.8 percent to $23.85 an ounce, while platinum rose 0.4 percent to $1,075.25 an ounce. It also rose 0.4 percent to $1,780.46 an ounce.
(Prepared by Mustafa Saleh and Muhammad Ali Farag for the Arabic Bulletin)
