CHICAGO, June 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as U.S. inflation pressure eases.
The most active gold contract for August delivery rose 10.30 U.S. dollars, or 0.53 percent, to close at 1,968.90 dollars per ounce.
The U.S. Labor Department reported Wednesday that the U.S. producer price index (PPI) dropped 0.3 percent in May after inching up by 0.2 percent in April, another sign that inflationary pressures continue to ease in the face of repeated interest rate hikes by the Federal Reserve. PPI rose 1.1 percent in May from last year, the smallest year-over-year gain since December 2020.
Shortly after gold's floor trading was closed, the Federal Open Market Committee meeting concluded, and the Federal Reserve left key U.S. interest rates unchanged in June at 5.00-5.25 percent, but lifted Fed funds target to 5.6 percent from 5.1 percent, which implies two more 25-basis-point interest rate hikes this year.
Gold fell in electronic trading after the Federal Reserve's announcement.
Silver for July delivery rose 28.30 cents, or 1.19 percent, to close at 24.105 dollars per ounce. Platinum for July delivery fell 1.90 dollars, or 0.19 percent, to close at 980 dollars per ounce.
