Gold prices traded higher on Thursday, April 11, after softer-than-expected US producer prices data boosted hopes for US tariffs this year, while lingering geopolitical concerns added to the metal’s shine.
Spot gold rose 0.3 percent to $2,340.69 an ounce. Bullion prices hit an all-time high for an eighth straight session on Tuesday, April 9. U.S. gold futures rose 0.4 percent at $2,358.40, according to Reuters news agency.
Earlier today, the US Labor Department’s report showed that the producer price index (PPI) in the world’s largest economy rose by 0.2 percent on the month (MOM) in March allaying concerns that interest rates may remain high. The data compares to a 0.3 percent increase expected by economists polled by Reuters.
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Published: 11 Apr 2024, 22:23 IST