The most actively traded gold contract, for June delivery, was recently down $2.60, or 0.2%, at $1,504.20 per troy ounce on the Comex division of the New York Mercantile Exchange. May-delivery gold was up $4.30, or 0.3%, at $1,510.90 per troy ounce.
The most actively traded silver contract, for July delivery, was up 31.8 cents, or 0.9%, at $35.115 per troy ounce. May-delivery silver was up 33.2 cents, or 1%, at $35.125 per troy ounce.
U.S. consumer prices rose at a seasonally adjusted 0.4% in April, following a 0.5% rise in March, again driven up by higher gasoline and grocery prices.
Core inflation, which is considered a more reliable indicator as it excludes volatile food and energy prices, rose by 0.2% in April, after a 0.1% increase in March. The results were exactly in line with what economics had forecast in a Dow Jones Newswires survey.
The slow increase in inflation put a dent in gold prices, as many investors had purchased gold to guard their wealth against inflationary pressures and some opted to sell holdings when these concerns failed to materialize.
A slightly weaker dollar also supported precious metals prices. The dollar slipped against a trade weighted basket of currencies, with the ICE Dollar Index falling to 75.153 recently, down from 75.185 late Thursday in New York.
Dollar-denominated gold and silver futures appear cheaper to buyers using foreign currencies when the dollar weakens. For the latest updates PRESS CTR + D or visit Stock Market news Today
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