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Gold prices traded marginally higher on Friday, holding above the $1,800 per ounce level after the U.S. November producer-price inflation came in slightly higher than expected.
Price action
-
February gold
GC00,
+0.38%
GCG23,
+0.38%
rose $9.70, or 0.5%, to trade at $1,811 per ounce on Comex. -
Silver for March delivery
SI00,
+0.83%
SIH23,
+0.83%
added 14 cents, or 0.6%, to $23.39 per ounce. -
March palladium prices
PAH23,
+0.50%
climbed by $17.90, or 0.9%, to $1,955 per ounce, while January platinum
PLF23,
-0.15%
retreated $2.50, or 0.3%, to $1.012 per ounce. -
Copper prices for March
HGH23,
-0.42%
slumped 2 cents, or 0.5%, to $3.863 per pound.
What’s happening
U.S. producer price inflation came in slightly stronger than expected in November, confounding the market’s expectations for a more pronounced drop after a promising moderation in the prior month’s data.
See: U.S. wholesale price inflation picks up in November, but is lower for year
But that didn’t happen, and gold prices eroded some of their earlier gains as a result.
“I’m amazed how many think that we’re just going to quickly go back to a pre-Covid environment with inflation and I just don’t see it, especially if one listens directly to what companies are saying,” said Peter Boockvar, chief investment officer of Bleakley Financial Group.
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