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Gold futures finish sharply higher on weaker dollar

15 Jun 2024 Evaluate

Gold futures finished sharply higher on Friday, kindled by the slide in dollar and US Treasury bond yield notes after softer than expected US inflation data of May. The US PPI and CPI cooled down significantly in May, indicating that inflationary pressures continued to subside. The yellow metal for the most active contract marked 1.3% gain for the week, after three consecutive weekly dips.

Gold futures for August delivery rose by $30.40 or 1.31% to settle at $ 2,348.40 per ounce on the Comex division of the New York Mercantile.