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Indonesia News Portal for Traders | Financial & Business Updates

21 December 2024 02:19  |

Gold climbs after soft US inflation data; still set for weekly loss

Gold prices extended gains on Friday, supported by a softer dollar and Treasury yields after U.S. economic data indicated a slowdown in inflation, although the Federal Reserve's hawkish interest rate outlook kept bullion on track for a weekly loss.

Spot gold was up 1.2% at $2,624.15 per ounce, as of 01:41 p.m. ET (1841 GMT) and U.S. gold futures settled 1.4% up at $2,645.10.

The dollar fell 0.6% from its two-year high, making gold less expensive for overseas buyers, while Treasury yields edged down from an over six-month high.

The report showed that monthly inflation slowed in November after showing little improvement in recent months. The personal consumption expenditures (PCE) price index rose 0.1% last month after an unrevised 0.2% gain in October.

Spot silver rose 1.8% to $29.54 per ounce, platinum gained 0.5% to $928.34 and palladium climbed 1.5% to $919.56.

Source: Reuters

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