Business
Gold Edges Higher But Remains Pressured By Inflation Concerns
Gold prices were holding above $4,700 a troy ounce, but remained pressured by expectations of higher-for-longer interest rates following the latest U.S. inflation data.
“Gold extended losses after U.S. wholesale inflation accelerated in April to its fastest pace since 2022, while Treasury yields climbed toward their highest levels since July, weighing on non-yielding assets,” said Soojin Kim from MUFG.
In early trade, gold futures in New York were up 0.2% to $4,718 a troy ounce. Meanwhile, silver fell 1.4% to $88.12 an ounce and platinum was down 2.1% to $2,150.60 an ounce.
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