CHICAGO, April 13 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar weakened.
The most active gold contract for June delivery rose 30.40 U.S. dollars, or 1.50 percent, to close at 2,055.30 dollars per ounce.
The U.S. Labor Department reported on Thursday that the U.S. producer price index fell 0.5 percent in March, better than expected. The annual rate fell to 2.7 percent from the revised 4.9 percent of a month earlier.
U.S. wholesale prices registering the biggest decline in almost three years, together with lower than expected consumer price index released Wednesday, indicate that U.S. inflation is falling. Lower inflation fuels market expectations that the Federal Reserve may hold off on rate hikes at its May meeting, which is considered bullish for gold.
The U.S. Labor Department reported Thursday that U.S. initial claims for state unemployment benefits rose 11,000 to a seasonally adjusted 239,000 for the week ending April 8, further supporting gold.
Silver for May delivery rose 46.70 cents, or 1.83 percent, to close at 25.925 dollars per ounce. Platinum for July delivery rose 38.00 dollars, or 3.70 percent, to close at 1,065.50 dollars per ounce. ■
