WASHINGTON (dpa-AFX) - Gold prices edged higher on Thursday and the dollar weakened after several Federal Reserve officials said they are confident that inflation is on its way to a 2 percent annual rate.
Spot gold rose 0.4 percent to $2,704.83 per ounce in European trade while U.S. gold futures were up 0.6 percent at $2,735.24.
A weaker dollar and lower bond yields supported the yellow metal after data showed a slowdown in the annual rate of core consumer prices growth in the U.S.
The annual rate of core consumer price growth unexpectedly slowed to 3.2 percent in December from 3.3 percent in November, raising expectations that the Federal Reserve could ease rates further.
FOMC voting members Austan Goolsbee, president of the Chicago Fed and John Williams of the New York Fed, as well as non-voter Thomas Barkin of the Richmond Fed, said in separate speeches that they were confident inflation is coming down, though not very quickly.
The U.S. economic calendar remains light today, with reports on weekly jobless claims and retail sales awaited.
On the geopolitical front, Israel and Hamas have agreed to implement the ceasefire agreement, eight months after it was drafted and approved by the UN Security Council.
This move marks a potential turning point in one of West Asia's bloodiest conflicts in Gaza.
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