New York gold futures closed higher on Friday (June 10) as investors began buying gold as a safe haven. Amid concerns about inflation After the US revealed inflation data rose higher than expected in May.
The COMEX (Commodity Exchange) gold contract will be delivered in August. It rose $22.7, or 1.23%, at $1,875.5 an ounce. This was the highest level since May 5 and this week has increased 1.4%.
Silver metal contract for delivery in July It was up 11.4 cents, or 0.52%, at $21.931 an ounce.
Platinum contract delivered in July It was down $4.9, or 0.5%, at $971 an ounce.
Palladium contract delivered in September It was down $8.60, or 0.4%, at $1,907.00/ounce.
Investors are buying gold contracts amid inflation concerns. The US Labor Department said Friday (June 10) that the consumer price index (CPI), a measure of inflation based on consumer spending, jumped 8.6 percent year-on-year in May. It was a new high in 40 years and above analysts’ expectations of 8.3 percent. The CPI was higher than 8.3 percent in April and above the 8.5 percent recorded in March. . which is the highest level since December 2524
In addition, the CPI rose 1.0 percent in May month-on-month. The benchmark CPI, excluding food and energy, rose 6.0 percent in May year-on-year. The benchmark CPI rose 0.6% in May, above expectations of 0.5%.
The release of rising US inflation data in May prompted a strong sell-off in US stock markets. and supporting the purchase of gold as a safe haven asset
In addition, gold contracts have also supported After revealing the results of the University of Michigan survey said. US Consumer Confidence Index It plummeted to 50.2 in June, the lowest since the data was collected in the 1940s, and below analysts’ expectations of 58.5 after reaching 58.4 in May. .
