Grapevine

By Cnbc
Oct 11, 2024

Gold drifts higher after data supports U.S. rate-cut bets

Gold bars on display in Tokyo, Japan on September 27, 2010.

Gold prices climbed on Friday after recent data supported bets for a Federal Reserve interest rate cut next month, while market participants awaited the U.S. Producer Price Index report for further direction.

Spot gold rose 0.5% to $2,641.70 per ounce by 0245 GMT but was down about 0.4% for the week. Prices hit a record high of $2,685.42 last month.

U.S. gold futures gained 0.7% to $2,658.90.

The dollar index fell from a two-month high, making bullion more attractive for other currency holders.

Data on Thursday showed that U.S. consumer prices rose slightly more than expected in September, while jobless claims increased to 258,000 in the week ended Oct. 5, versus estimates of 230,000. All eyes are now on the PPI data due at 1230 GMT.