Gold pares gains after US inflation data shows rise in consumer prices

Gold pared gains on Friday, heading for a second weekly drop, after data showing US consumer prices rose in March tempered speculation the Federal Reserve will delay its first interest rate rise in nearly a decade.



The metal held above the $1,200 an ounce level, however, which it broke above earlier this week after a run of downbeat US data led analysts to reassess expectations the Fed would raise rates in June.



The dollar turned positive after US inflation data.



Spot gold was up 0.6 per cent at $1,204.10 an ounce at 2:36 p.m. EDT (1836 GMT), off an earlier high of $1,207.60 and down 0.3 per cent on the week. US gold futures for June delivery settled up $5.10 an ounce at $1,203.10.



Physical buying in the world’s top two gold-consuming countries remained slow this week. Premiums in China improved only slightly and those in India slipped as prices stabilized at $1,200 an ounce.



Silver was up 0.2 per cent at $16.22 an ounce, while platinum was up 0.8 per cent at $1,165.49 an ounce and palladium was up 0.7 per cent at $781 an ounce.



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Posted in: Indian Market Tips