© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – Gold pared its gains on Friday as US Treasury bonds rose following better-than-expected inflation data in the United States raised concerns that the Federal Reserve would hold on to aggressive interest rate hikes for a longer period.
It rose 0.3% to $1,795.39 an ounce by 1540 GMT, following earlier rising 0.8%. US gold futures rose 0.1 percent to $1,803.80.
The data showed that US producer prices rose more-than-expected in November, adding to market uncertainty regarding the outlook for Federal Reserve policy.
The dollar rose 0.2% following the data, making gold more expensive for holders of other currencies, while 10-year yields also rose.
Focus now turns to US CPI data due on December 13th for more guidance on the path of the Fed rate hike.
As for other precious metals, it rose 0.9 percent to $ 23.26, and platinum rose 0.5 percent to $ 1007.52. It rose 0.8 percent to $1,941.50.
(Prepared by Mustafa Saleh for the Arabic Bulletin)
