Gold rises on inflation data

By Xu JingUnreguser
  • World
  • Saturday, 01 Oct 2022

CHICAGO, Sept. 30 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as investors reacted to inflation data.

The most active gold contract for December delivery rose 3.4 U.S. dollars, or 0.2 percent, to close at 1,672 dollars per ounce.

Gold climbed 1 percent for the week, but declined 3.1 percent for the month and 7.5 percent for the quarter.

Gold found support as the U.S. Commerce Department reported Friday that the U.S. core personal consumption expenditures price index (PCE), an inflation indicator, rose 0.6 percent in August after being flat in July. The figure is higher than the 0.5-percent market estimate, and indicates inflation is broadening.

On a year-on-year basis, core PCE increased 4.9 percent, more than the 4.7-percent estimate and up from 4.7 percent in the previous month.

The Chicago purchasing managers index, a Chicago business barometer, dropped sharply to 45.7 in September from 52.2 in August, also supporting gold.

Silver for December delivery rose 32.7 cents, or 1.75 percent, to close at 19.039 dollars per ounce. Platinum for January delivery fell 1.1 dollars, or 0.13 percent, to close at 859.1 dollars per ounce.

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