Gold off one month high

Published on Jun 13, 2022 12:37

Gold pulled back slightly from a one-month high as broad dollar gains weighed on the metal. Gold prices surged on Friday after data showed a bigger than expected increase in U.S. consumer price inflation that triggered a sell-off in equity markets and boosted the demand for the safe-haven commodity. Gold futures for August climbed more than 1% to $1881.20 an ounce but eased back to $1866 levels. Consumer prices in the U.S. shot up by more than expected 1.0 percent in May after rising by 0.3 percent in April. With the bigger than expected monthly increase, the annual rate of consumer price growth accelerated to 8.6 percent in May from 8.3 percent in April, showing the biggest surge since December 1981. Meanwhile, the dollar index surged to 104.32, extending its recent bounce.