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LONDON: On Thursday, gold rose as the US dollar backed away from 2018 highs after weaker-than-forecast US inflation data and as tensions between the United States and Iran also paved way for the valuable metal.
The US dollar slid from a 4-1/2-month peak after US data showed the Consumer Price Index rose 0.2 per cent in April, less than the 0.3% increase that had been forecast.
Also helping gold, viewed as promising investment, was US President Donald Trump’s move on Tuesday to withdraw from a nuclear accord with Iran, raising the risk of upheavals in the Middle East.
On Thursday, Israel said it had attacked nearly all of Iran’s military infrastructure in Syria after Tehran fired rockets at Israeli-held territory.
Spot gold rose 0.6% at $1,320.53 per ounce by 1:34pm EDT (1734 GMT). During the session it touched $1,322.76, a 10-day high. US gold futures for June delivery settled up $9.30, or 0.7%, at $1,322.30 per ounce. Silver gained 1.4pc at $16.72 an ounce after earlier hitting a two-week high at $16.74. Platinum rose 1.7pc at $925.40 per ounce, earlier hitting $926.20, a two-week high. Palladium rose 2.6pc at $1,000.70 per ounce, earlier seeing $1,002.10, a 2-1/2-week high.