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Gold rises on a weaker U.S. dollar
Gold price rose on a weaker U.S. dollar. The U.S. dollar fell against other currencies despite the better-than-expected U.S. consumer price inflation data. The U.S. Labor Department released consumer price inflation data on Friday. The U.S. consumer price inflation was flat in January, beating expectations for a 0.1% decline, after a 0.1% fall in December.
The index was mainly driven by higher prices of rents and medical care, and higher shelter costs.
On a yearly basis, the U.S. consumer price index increased to 1.4% in January from 0.7% in December, exceeding expectations for a rise to 1.3%. It was the biggest increase since October 2014.
The U.S. consumer price inflation excluding food and energy gained 0.3% in January, exceeding expectations for a 0.2% rise, after a 0.2% increase in December.
On a yearly basis, the U.S. consumer price index excluding food and energy increased to 2.2% in January from 2.1% in December, beating expectations for a 2.1% rise.
The consumer price index is not preferred Fed's inflation measure.
April futures for gold on the COMEX today increased to 1235.30 dollars per ounce.
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