Gold prices moved higher Friday, as a weak reading on U.S. inflation helped the dollar regain some strength.
After a $30 surge on Thursday to its best finish since Sept. 5, gold for February delivery rose $12.10 to close at $1,276.90 U.S. an ounce. March silver rose 65 cents to settle at $17.75 U.S. an ounce in New York trading..
Gold generally benefits from volatile markets, as was the case on Thursday, and signs of inflation. On Friday, the U.S. reported the biggest drop in consumer inflation in six years. Consumer prices across the European Union fell for the first time on record.
The U.S. dollar, meanwhile, was generally higher, as the Swiss franc gave up some of Thursday’s hefty gains that came when the Swiss National Bank scrapped its currency cap.
The greenback bought 0.862 Swiss francs, up from 0.8391 late on Thursday, and the Swiss franc also weakened against the euro. As sizable as those moves are, they didn’t wipe out losses of more than 10% made Thursday.
High-grade copper for March delivery rose six cents to settle at $2.62 U.S. a pound, after coming under heavy selling pressure earlier in the week.
March palladium slid $12 to $754.30 U.S. an ounce, while April platinum ended up $6.60 at $1,269.40 U.S. an ounce.
