2024-04-11T04:59:30+00:00
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/ Gold prices rose today, Thursday, to compensate for the losses of the previous session, as geopolitical tensions increased demand for the metal, which is considered a safe haven.
By 03:17 GMT, the spot price of gold rose 0.6 percent to $2,345.56 per ounce. Bullion hit a record high for the eighth consecutive session until Tuesday. US gold futures gained 0.6 percent to $2,362.80.
Data released overnight showed US inflation in March once again came in hotter than expected, eliminating the chance of a rate cut in June.
Core CPI rose 0.4%, beating expectations for a 0.3% rise.
Aggressive buying by central banks, safe haven inflows amid ongoing geopolitical risks, and demand from momentum-tracking funds have fueled bullion’s gains of 14% so far this year.
High interest rates reduce the attractiveness of holding non-yielding gold.
Silver rose in spot transactions 0.2 percent to $28.03 per ounce, after reaching its highest levels since June 2021 on Wednesday.
Platinum rose 1 percent to $968.90, and palladium gained 0.3 percent to $1,054.10.