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Gold heads higher following US inflation data
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investmentnews.comGold headed for its strongest close in a month after the Federal Reserve’s preferred inflation gauge met consensus forecasts, keeping open the possibility of interest rate cuts later in the year.
Spot bullion traded above $2,046 an ounce, on track for a modest weekly gain and the highest finish since Feb. 1. Although the US data showed underlying inflation running at the fastest pace in a year, the reading wasn’t a surprise and failed to dent the broader disinflationary trend underpinning forecasts for policy easing. Lower interest rates tend to benefit non-yielding gold.
Read more on investmentnews.comAbout this in other media
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