Gold prices up slightly after US inflation data

Gold prices increased slightly at settlement today, Feb. 14, following the release of January’s US inflation data.

Today’s US Consumer Price Index (CPI) data showed that prices of some goods and services rose 6.4% over the past 12 months. This was down a little from an annual rate of 6.5% in December 2022, exceeding expectations of 6.2%.

On a month-on-month (MoM) basis, though, prices advanced 0.5% in January, compared to a slower gain of 0.1% in the month before, which is below estimates of a 0.4% surge.

Gold for April delivery made a marginal hike of less than 0.1%, or $1.90, to $1,865.40 an ounce.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, held ground at 103.320 points at 10:00 pm Makkah time.