Commodities
Gold Climbs to a Record as US Data Bolster Fed Rate Cut Case
- Producer price index rose faster than expected in August
- US initial jobless claims also posted an increase last week
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Gold climbed to a record after another faster-than-forecast US inflation print and an uptick in applications for unemployment benefits did little to alter bets that the Federal Reserve will cut interest rates next week.
The producer price index for final demand increased 0.2% from a month earlier after a downward revision to July’s reading, according to a Bureau of Labor Statistics report released Thursday. The median forecast in a Bloomberg survey of economists called for a 0.1% gain.