Gold inches up with American inflation data in focus

On Friday, gold surged because market sentiment on the US currency turned to be vulnerable ahead of highly-anticipated data on American inflation due later in the day.

Gold futures jumped 0.20% in New York being worth $1,299.05 a troy ounce, which is off a two-and-a-half week maximum of $1,300.73 reached overnight.

The US currency was boosted after on Thursday the US Department of Labor informed that the previous week initial jobless claims sank more than anticipated to 243,000.

A separate report disclosed that in September producer prices soared 0.4%, which is in line with hopes.

Core producer, excluding food and energy also grew 0.4%, confounding hopes for a 0.2% jump.

The data emerged just a day after the minutes of the Fed’s September policy gathering unveiled that policymakers were still split on inflation.

The greenback weakened ahead of the long-awaited American consumer price inflation data expected to be published later Friday.

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