Gold ends at record peak for 33rd time since 2024-start

Gold bars

Gold prices extended gains today, Sept. 12, with investors assessing the recent US economic data as the European Central Bank (ECB) cut interest rates by 25 basis points as expected.

Bullion for December delivery jumped 1.50%, or $38.20, to finish at $2,580.60 per ounce, marking the 33rd record price for the yellow metal since the beginning of this year.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, slipped by 0.3% to 101.36 points at 09:33 pm Makkah time.

Gold futures ended yesterday’s trading on a flat note, following data from the US Labor Department showed the consumer price index (CPI) rose 0.2% for the second straight month in August. Its core counterpart also gained 0.3% after climbing by 0.2% in July.

Data released by the US Labor Department showed that the annual rate of producer price inflation slowed to 1.7% in August from 2.1% in July, the lowest level since February.

Separate data showed that the number of initial jobless claims rose by 2,000 to 230,000 applications in the week ended Sept. 7, against forecasts of 225,000, and compared to the previous week’s revised-upward 228,000 reading.