CHICAGO, July 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 August delivery rose 2.10 U.S. dollars, or 0.11 percent, to close at 1,963.80 dollars per ounce.
The U.S. Labor Department reported Thursday that U.S. producer price index (PPI) edged up 0.1 percent month on month in June, below market forecast of a 0.2-percent increase. U.S. PPI, a key inflation gauge that tracks the average change in prices that businesses pay to suppliers, has declined for 12 consecutive months.
Slowdown in U.S. wholesale inflation, together with consumer price index (CPI) slowdown reported Wednesday, points to a slowdown in U.S. inflation, raising market expectation that the Federal Reserve's interest-rate hikes may be nearing an end and plunging U.S. dollar.
The U.S. Labor Department reported Thursday that U.S. applications for jobless claims fell by 12,000 to 237,000 for the week ending July 8, down from 249,000 in the previous week.
In an interview with CNBC Thursday, San Francisco Federal Reserve Bank President Mary Daly reiterated that rate hikes will be essential to bring down high inflation in the United States.
Daly wants to start heading toward a neutral rate as the United States approaches the Fed's 2-percent goal on inflation.
Silver for September delivery rose 63.90 cents, or 2.63 percent, to close at 24.949 dollars per ounce. Platinum for October delivery rose 26.80 dollars, or 2.80 percent, to close at 983.40 dollars per ounce. ■