Sun, 24 Sep 2023

Gold rises on stubborn U.S. inflation

27 May 2023, 05:18 GMT+10

CHICAGO, May 26 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday on stubborn U.S. inflation.

The most active gold contract for June delivery rose 60 cents, or 0.03 percent, to close at 1,944.30 dollars per ounce.

Gold fell 1.9 percent for the week, a third straight weekly loss.

The U.S. Commerce Department reported Friday that U.S. core personal consumption expenditures (PCE) price index rose 0.4 percent in April and 4.7 percent from a year ago, both a touch higher than expected.

Other economic data released on Friday are mixed. The U.S. Commerce Department reported that U.S. new orders for manufactured durable goods increased 3.1 billion dollars, or 1.1 percent, to 283.0 billion in April.

The Consumer Sentiment Index released by the University of Michigan (UM) Surveys of Consumers fell to 59.2 in the May 2023 survey, down from 63.5 in April and above last May's 58.4.

Silver for July delivery rose 45.00 cents, or 1.96 percent, to close at 23.36 dollars per ounce. Platinum for July delivery rose 1.80 dollars, or 0.18 percent, to close at 1,028.10 dollars per ounce.

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