The price of gold rose on Thursday, reaching its highest point since early May 2022, following the latest data on United States inflation, which continued to show signs of cooling.
The December 2022 consumer price index figure revived hopes that the Federal Reserve could further slow down the pace of its interest rate hikes, which seemingly pushed investors toward the yellow metal. Earlier, Boston Fed President Susan Collins commented that she would be in favor of a 0.25 percentage point rate increase during the next central bank meeting.
Gold surged 1.28% to go for $1,901.33 per ounce at 9:02 am ET. Silver skyrocketed 2.97%, selling at $24.12 per ounce a minute later. Platinum rose 0.94% to $1,081.65 per ounce at 9:04 am ET. Palladium increased 0.22% to $1,770.82 per ounce at the same time.
