Gold Hits Session Highs on Safe-Haven Demand After U.S. Inflation Data Disappoints

Gold Hits Session Highs on Safe-Haven Demand After U.S. Inflation Data Disappoints

Gold prices rose on Thursday to reach their highest levels after data showed that US production prices fell unexpectedly in July, the biggest drop in nearly a year. In addition to demand for safe haven caused by high tension on the Korean Peninsula, gold prices kept rising on Thursday.

Comex gold futures rose to a daily peak of $1,291.20 a troy ounce. It was last at $1,290.45, up $11.10, or around 0.9%.

MCX Gold was trading 0.25 per cent up at Rs 28,915 per 10 gram.

The Labor Department said the producer price index fell 0.1 percent last month, reflecting June’s gains of 0.1 percent. July’s decline was the largest since August 2016.

In the 12 months to July, the producer price index rose 1.9% after rising 2.0% in the year to June.

Economists had expected PPI to rise by 0.1% last month and 2.2% higher than last year.

The unexpected resulting decline is producer prices to support bets the slow pace of raising interest rates from the Federal Reserve.

Latest holdings at the SPDR Gold Trust fell a slight 0.03 per cent to 786.87 tonnes on Monday, the lowest since March 2016.

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