WASHINGTON (dpa-AFX) - Gold futures settled higher on Friday, rising for a second straight session, despite the dollar's rise after data showing an acceleration in the annual rate of consumer price growth dashed hopes of an early rate cut by the Federal Reserve.
The dollar index climbed to 106.19 as inflation data dashed hopes of an early interest rate cut by the Federal Reserve. The index eased slightly to 106.06 subsequently , but still stayed well above the flat line, gaining nearly 0.5%.
Gold futures for April settled at $2,334.80 an ounce, gaining $5.00 or about 0.21%. However, the contract shed $63.60 or about 2.65% in the week.
Silver futures for April ended down $0.101 or about 0.37% at $27.241 an ounce. For the week, silver futures shed nearly 5.5%.
Copper prices rose to a 2-year high, lifting Copper futures contract for June to $4.6095 per pound. The contract settled at $4.5660 per pound today, gaining $0.0345 or about 0.85%.
Data from the Commerce Department showed the Federal Reserve's preferred measure of inflation, the personal consumption expenditures price index, exceeded expectations on an annual basis in March.
The report said the annual rate of consumer price growth accelerated to 2.7% in March from 2.5% in February. Economists had expected the pace of growth to tick up to 2.6%.
The annual rate of growth by core consumer prices in March came in unchanged from February at 2.8%, while economists had expected the pace of growth to slow to 2.6%.
On a monthly basis, the consumer price index rose by 0.3% in March, matching the increase seen in February as well as economist estimates. Excluding food and energy prices, core consumer prices also climbed by 0.3% for the second straight month, in line with expectations.
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