LONDON: Gold prices inched higher on Friday as investors shrugged off concerns that stronger-than-expected consumer inflation in the UScould influence the US central bank’s decision on aggressive monetary policy easing.

Spot gold rose 0.3 per cent to $1,407.31 per ounce as of 9:16am EDT (1316 GMT), having touched $1,412.20 earlier in the session. Prices have risen 0.4pc so far this week.

US gold futures rose 0.2pc to $1,409.50 per ounce.

Bullion rates were quick to slump following the data, shedding nearly 1pc in the latter part of its session, with the dollar erasing some losses.

Other precious metals did not reflect gold’s sheen, with platinum dipping 0.5pc to $816.25 per ounce and palladium declining 0.3pc to $1,555.86.

Silver inched marginally higher to $15.13 an ounce. Palladium was set for its first weekly decline in six weeks, down 0.7pc in the week.

Published in Dawn, July 13th, 2019