GOLD climbed to its highest level in six weeks on Friday after data showed US core inflation last month rose more than expected, which boosted the precious metal’s appeal as a hedge against rising prices. Spot gold rallied to $933,65/oz, its highest price since March 27. It was at $930,70/oz by mid-evening, up 0,6% from its late Thursday quote of $925,35 in New York. US gold futures for June delivery settled up $2,90 at $931,30/oz on the Comex division of the New York mercantile exchange.
US core consumer prices rose faster than expected, up 0,3% last month. “We’ve seen gold edging higher over the past week or so and quite a bit of that is inflation related,” James Moore of TheBullionDesk.com, said.
“Given the scale of quantitative easing that we have seen, the potential implications for inflation are quite large,” Moore said.
