WASHINGTON (dpa-AFX) - Despite the dollar's rebound amid uncertainty about Fed interest rate cut in June, gold futures settled higher on Thursday, recording a new high in the process.
Amid lingering concerns about geopolitical tensions, the yellow metal attracted safe-haven buying.
The dollar index, which dropped to 105.03 early on in the New York session, recovered to 105.53 before paring gains. The index was last seen at 105.30, up marginally from the previous close.
Gold futures for April ended higher by $25.20 or about 1.1% at $2,354.80 an ounce.
Silver futures for April ended higher by $0.215 or 0.77% at $28.176 an ounce, while Copper futures for April were down $0.0270 or 0.63% at $4.2460 per pound.
Data from the Labor Department said the producer price index for final demand crept up by 0.2% in March after climbing by 0.6% in February. The uptick matched expectations.
Meanwhile, the report said the annual rate of producer price growth accelerated to 2.1% in March from 1.6% in February. The annual rate of growth was the fastest since surging 2.3% last April but came in slightly slower than the 2.2% jump forecast by economists.
The producer price inflation data comes after the Labor Department released a separate report on Wednesday consumer prices rose by slightly more than expected in March.
The ECB Governing Council, led by President Christine Lagarde, today left the main refinancing rate, or refi, unchanged at 4.5%, as expected.
Lagarde emphasized that the ECB is not committing to a specific rate trajectory and that future decisions will be dependent on data
Policymakers consider that the key interest rates are at levels that are making a substantial contribution to the ongoing disinflation process, the ECB said. Future decisions will ensure that its policy rates will stay sufficiently restrictive for as long as necessary, the bank added.
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