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Gold rises slightly on negative economic data

CHICAGO
2023-09-15 02:55

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CHICAGO, Sept. 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly Thursday on negative economic data.

The most active gold contract for December delivery rose 0.30 U.S. dollars, or 0.02 percent, to close at 1,932.80 dollars per ounce.

The U.S. Labor Department reported Thursday that the U.S. producer price index increased a seasonally adjusted 0.7 percent in August, higher than the 0.4-percent estimate and the biggest monthly gain since June 2022.

The U.S. Labor Department reported that U.S. applications for jobless claims rose by 3,000 to 220,000 for the week ending Sept. 9. The four-week moving average of claims, a less volatile measure, fell by 5,000 to 224,500.

The U.S. Commerce Department reported that U.S. retail sales climbed a higher-than-expected 0.6 percent in August, well above the 0.1-percent estimate.

The European Central Bank hiked rates by 25 basis points Thursday, taking the deposit rate to 4.00 percent. The rate hike dampened the euro, boosting the U.S. dollar in turn, which capped gold's growth.

Silver for December delivery fell 18.70 cents, or 0.81 percent, to close at 22.994 dollars per ounce. Platinum for October delivery rose 5.90 dollars, or 0.65 percent, to close at 911.10 dollars per ounce.
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