Gold prices jumped more than 1% today, Thursday, above $1,900 an ounce before cutting back after data showed signs of inflation slowing in the United States, raising bets on a slowdown in US interest rates . future.
US consumer prices unexpectedly fell in December for the first time in more than two and a half years, amid falling prices for gasoline and other commodities.
And spot gold rose 0.5% to $1,886.19 an ounce by 1447 GMT, after hitting $1,901.4 earlier, its highest level since May 2022.
U.S. gold futures rose 0.6% to $1,889.50 an ounce, according to Reuters.
On the back of inflation data, the dollar fell 0.5% to its lowest level since early June. The fall of the dollar increases the attractiveness of the precious metal, denominated in US currency, for holders of other currencies.
In other precious metals, silver edged up 1.4% to $23.74 an ounce after gaining 3% earlier.
Palladium shed 1.2% to $1,752.18 an ounce, while platinum shed 1.1% to $1,059.04 an ounce.
