Annual US consumer price inflation slowed to less than 5% in April for the first time in two years, which could be a reason for the US central bank to temporarily stop raising interest rates next month.
Low interest rates increase the attractiveness of non-performing gold.
Gold prices initially rose yesterday on Wednesday after the release of US inflation data, before falling back on profit taking.
Meanwhile, US President Joe Biden on Wednesday stepped up pressure on Republican lawmakers to act quickly to raise the country’s debt ceiling to $31.4 trillion or risk the world’s largest economy falling. in recession.
Matt Simpson, senior market analyst at City Index, said the debt ceiling crisis appeared to be supporting gold prices.
The price change
As of 0131 GMT, spot gold rose 0.2% to $2,032.58 an ounce. U.S. gold futures also rose 0.2% to $2,041.80, according to Reuters data.
The dollar index fell 0.1%, making the yellow metal quoted in US currency accessible to buyers abroad.
As for other precious metals, silver fell in spot trades 0.2% to $25.37 an ounce, and platinum rose 0.2% to $1115.92, while palladium lost 0.2%, recording $1604.23 an ounce.
Read the Latest World News Today on The Eastern Herald.
