Gold prices rebound after sharp losses, remain near $4,000 an ounce
Gold rose 0.5% after a steep sell-off, staying close to $4,000 an ounce as US inflation data fueled expectations of tighter monetary policy.
Key Takeaways
AIGold prices rose 0.5% in spot trading on Thursday to $4,051.31 an ounce, recovering from a 3% drop the previous day to $4,013.29 after US data showed inflation rose more than expected in October.
US gold futures climbed 0.7% to $4,059 an ounce, as markets anticipated further interest rate hikes following comments from monetary policymakers.
Data released on Wednesday showed the US consumer price index increased by 0.4% in October, surpassing forecasts.
Among other precious metals, spot silver gained 2.7% to $52.87 an ounce, while palladium rose 4.1% to $1,066.66 an ounce.