CHICAGO, May 9 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday ahead of U.S. inflation data release.
The most active gold contract for June delivery rose 9.70 U.S. dollars, or 0.48 percent, to close at 2,042.90 dollars per ounce.
The April reading of the U.S. consumer price index is due out Wednesday, while the April producer price index will be released Thursday.
In a speech Tuesday, New York Fed President John Williams cautioned that it will take time for the central bank's rapid rate increases to slow down economic activity to combat high inflation, citing the lag between policy actions and their effects.
In comments to the Atlanta Black Chambers business group Tuesday, Fed governor Phillip Jefferson said that the U.S. economy is slowing in an "orderly fashion" that should allow inflation to decline even as growth continues.
Recent tightening of credit standards by banks was "typical" for where the United States is in the economic cycle and a "natural part" of the Fed's monetary tightening, he said.
Silver for July delivery rose 6.40 cents, or 0.25 percent, to close at 25.898 dollars per ounce. Platinum for July delivery rose 28.30 dollars, or 2.60 percent, to close at 1,116 dollars per ounce. ■
