Gold price erased Wednesday’s losses and climbed past the $2,360 area on Thursday, shrugging off a red-hot consumer inflation report. Further data was revealed earlier during the North American session with the Producer Price Index (PPI) showing signs of easing inflation. Consequently, US Treasury yields fell, capping the US Dollar rally.
XAU/USD spot trades at $2,362 a troy ounce, posting solid gains of 1.29%. The US Bureau of Labor Statistics (BLS) revealed additional inflation data on the producer side, alongside Initial Jobless Claims. The number of Americans filing for unemployment benefits was below the previous reading and forecasts, indicating the labor market remains tight.
Federal Reserve (Fed) officials grabbed some highlights. New York Fed President John Williams and Richmond Fed President Thomas Barkin added that recent inflation data was disappointing and doesn’t increase confidence that disinflation is spreading.
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