WASHINGTON (dpa-AFX) - Gold edged higher on Thursday as inflation and recession worries persist.
Spot gold rose 0.4 percent to $1,854.22 per ounce, while U.S. gold futures were up half a percent at $1,857.15.
Eurozone producer price inflation accelerated further to a new record high in April, data released by Eurostat showed today.
Producer prices advanced 37.2 percent on a yearly basis in April, faster than the 36.9 percent rise in March.
The 99.2 percent increase in energy prices and 25.1 percent rise in intermediate goods prices pushed producer price inflation to a new record.
Eurozone inflation accelerated to a new record of 8.1 percent in the year to May, data showed earlier this week.
Traders looked ahead to the European Central Bank's meeting next week, when the central bank is likely to offer additional clues on the pace and scale of interest rate hikes to fight inflation.
The Bank of Canada on Wednesday raised its benchmark interest rate by half a percentage point - its third interest-rate increase this year in an effort to throttle skyrocketing inflation. The central bank also signaled that more hikes are on the way.
Growth worries linger, with JPMorgan Chase (JPM) CEO Jamie Dimon urging investors to brace for an economic hurricane.
Canada building permits for April, U.S. weekly jobless claims for the week ended May 28 and factory orders for April will be released in the New York session.
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