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Gold rises following higher inflation data

Xinhua English


CHICAGO, June 10 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the market reacted to the release of consumer price data.

The most active gold contract for August delivery rose 0.9 U.S. dollar, or 0.05 percent, to close at 1,896.4 dollars per ounce.

The U.S. Department of Labor reported on Thursday that the U.S. consumer price index surged 5 percent in May from a year prior, marking the fourth large gain in a row and the highest level since 2008.

The U.S. Federal Reserve holds that current inflation is temporary due to COVID-19 induced supply issues, and will cool down in the months ahead.

The Department of Labor reported on Thursday that the initial jobless claims in the week ending June 5 were at 376,000, lower than an unrevised 385,000 in the previous week.

Silver for July delivery rose 2.9 cents, or 0.1 percent, to close at 28.031 dollars per ounce. Platinum for July delivery fell 5.8 dollars, or 0.5 percent, to close at 1,146 dollars per ounce. Enditem