
WASHINGTON (dpa-AFX) - Gold prices climbed higher on Wednesday after data showing a slowdown in the annual rate of core consumer prices growth in the U.S. helped ease concerns about Fed interest rates. A weaker dollar and lower bond yields supported the yellow metal.
The dollar index dropped to 108.60 after the release of U.S. inflation data, but recovered to 109.11 as the day progressed, trimming down its loss to 0.15%.
Gold futures for January closed up $35.00 or about 1.3% at $2,712.50 an ounce.
Silver futures for January gained $1.1870 or about 3.94% to $31.319 an ounce, a near 5-week high.
Copper futures for January climbed to $4.3630 per pound, gaining $0.0525 or about 1.22%.
Data from the Labor Department showed consumer prices in the U.S. rose by slightly more than expected in December, while the annual rate of core consumer price growth unexpectedly slowed.
The Labor Department said its consumer price index climbed by 0.4% in December after rising by 0.3% in November. Economists had expected consumer prices to rise by another 0.3%.
The report also said the annual rate of growth by consumer prices accelerated to 2.9% in December from 2.7% in November, in line with economist estimates.
Data from the Office for National Statistics showed UK consumer price inflation moderated unexpectedly in December, registering an annual increase of 2.5% in the month, weaker than the 2.6% rise in November. The rate was seen unchanged at 2.6%.
Month-on-month, the CPI climbed 0.3%, following a 0.1% rise in November. Prices were expected to gain 0.4%.
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