Gold Climbs as Market Eyes US Inflation for Clues on Rate Hike
- Upcoming consumer price data could give bullion some direction
- Continuing jobless claims rise to highest since February
Gold granules being poured into a container.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
Gold edged higher as traders looked beyond mixed US economic data and awaited inflation data next week for clues on the pace of the Federal Reserve’s monetary tightening.
On Friday, data showed producer prices rose in November by more than forecast, driven by services and underscoring the stickiness of inflationary pressures that supports Federal Reserve interest rate increases into 2023. There are tentative signs of cooling in the labor market, with data showing Thursday that recurring applications for unemployment benefits rose to the highest level since early February.