Gold futures settled higher on Thursday, were set for a fourth straight week of gain after highly anticipated consumer price inflation (CPI) data showed positive, raised expectations of slower interest rate hikes by the U.S Federal Reserve. Data exhibited that consumer prices down 0.1% in December after rising 0.1% in November, resulting in year-on-year inflation easing to 6.5% from 7.1%. Moreover, weaker dollar rates also buoyed the investment appeal of the bullion.
Gold futures for February surged by $19.9 or 1.1% to settle at $ 1898.8 ounce on the Comex division of the New York Mercantile. spot gold up by $0.1% or $1,898.57 per ounce.
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