Gold rises on higher than expected inflation data
Dec 10, 2022
Chicago [US], December 10: Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as U.S. inflation data is higher than expected.
The most active gold contract for February delivery rose 9.2 U.S. dollars, or 0.51 percent, to close at 1,810.7 dollars per ounce.
The U.S. Labor Department reported Friday that the U.S. producer price index increased 0.3 percent month on month in November, higher than a 0.2-percent gain expected by economists. Higher than expected growth in U.S. wholesale prices dampened hopes that inflation could be headed lower, increasing investors' safe haven demand for gold.
The U.S. Commerce Department reported Friday that inventories of U.S. merchant wholesalers increased 0.5 percent in October on month, easing slightly from the 0.6-percent increase registered in September.
The preliminary reading of the University of Michigan consumer sentiment index showed an unexpected jump to 59.1 in December, up from 56.8 in November and beating market forecasts for a reading of 56.9.
Investors are expecting a 50-basis-point interest rate hike in the Federal Reserve's monetary policy meeting next week.
Gold rose nearly 0.1 percent for the week.
Silver for March delivery rose 47.1 cents, or 2.03 percent, to close at 23.717 dollars per ounce. Platinum for January delivery rose 21.6 dollars, or 2.13 percent, to close at 1,036.2 dollars per ounce.
Source: Xinhua
