WASHINGTON (dpa-AFX) - Gold prices dropped on Thursday as the dollar surged higher amid uncertainty about the outlook for Federal Reserve's interest rate trajectory after hotter-than-expected producer price inflation data.
The dollar index climbed to 103.39, buoyed by the data on U.S. producer price inflation.
Gold futures for April ended lower by $13.30 at $2,167.50 an ounce.
Silver futures for May ended down by $0.096 at $25.060 an ounce, while Copper futures for May settled at $4.0455 per pound, down $0.0145 from the previous close.
Data from the Labor Department showed the producer price index for final demand climbed by 0.6% in February after rising by 0.3% in January. Economists had expected producer prices to rise by another 0.3%.
The report also said the annual rate of producer price growth accelerated to 1.6% in February from a revised 1% in January.
Economists had expected the year-over-year price growth to rise to 1.1% from the 0.9% originally reported for the previous month.
A report from the Commerce Department said retail sales climbed by 0.6% in February after slumping by a revised 1.1% in January. Economists had expected retail sales to increase by 0.8%.
Excluding sales by motor vehicle and parts dealers, retail sales rose by 0.3% in February after falling by 0.8% in January. Ex-auto sales were expected to rise by 0.5%.
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