Metals Stocks: Gold futures shake off losses from stronger-than-expected U.S. wholesale inflation reading

by | Feb 16, 2023 | Stock Market

Gold futures shook off early Thursday losses to finish higher, finding support as the dollar eased back from session highs in the wake of stronger-than-expected U.S. wholesale inflation data. Data Thursday showing a jump in the U.S. producer price index in January follows Tuesday’s consumer price index reading, which revealed inflation fell only slowly in January, suggesting the Federal Reserve will need to raise borrowing costs further.

Price action
Gold futures for April

rose by $6.50, or nearly 0.4%, to settle at $1,851.80 per ounce on Comex after losing 1.1% on Wednesday.

Silver futures for March

gained 14 cents, or 0.6%, to $21.71 per ounce.

Palladium for March
delivery tacked on $81.20, or 5.6%, to $1,525.70 per ounce, while platinum for April
added $13.20, or 1.4%, to $931 per ounce.

Copper for March
climbed by 13 cents, or 3.1%, to $4.1355 a pound.

Market …

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