Gold prices jumped more than 1 percent, surpassing the level of $ 1900 an ounce, before paring its gains today, after data showing signs of slowing inflation in the United States, while increasing bets on a slowdown in raising US interest rates in the future. Consumer prices in the United States unexpectedly fell in December for the first time in more than two and a half years, amid falling prices of gasoline and other commodities. By 14:47 GMT, spot gold increased 0.5% to $1886.19 an ounce, after earlier reaching $1901.4, the highest level since May 2022. US gold futures rose 0.6% to $1889.50 an ounce. In the wake of the inflation data, the dollar fell 0.5 percent to its lowest level since early June. The dollar’s decline increases the attractiveness of the dollar-denominated metal to holders of other currencies. As for other precious metals, silver rose 1.4 percent to $ 23.74 an ounce, after jumping 3 percent earlier. Palladium fell 1.2 percent to $1,752.18 an ounce, while platinum fell 1.1 percent to $1,059.04 an ounce.
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