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Gold price surges to fresh all-time high amid declining US yields, high US inflation data

Gold prices recover, buoyed by falling US Treasury yields and a weaker US Dollar.

Mixed signals from producer inflation, labor data bolster Gold amid uncertainties.

Fed officials’ inflation worries enhance Gold’s safe-haven appeal, swaying sentiment.

Gold price erased Wednesday’s losses and climbed past the $2,360 area on Thursday, shrugging off a red-hot consumer inflation report.

Further data was revealed earlier during the North American session with the Producer Price Index (PPI) showing signs of easing inflation. Consequently, US Treasury yields fell, capping the US Dollar rally.

XAU/USD spot trades at new all-time highs at around $2,374 a troy ounce, posting solid gains of 1.70%. The US Bureau of Labor Statistics (BLS) revealed additional inflation data on the producer side, alongside Initial Jobless Claims.

The number of Americans filing for unemployment benefits was below the previous reading and forecasts, indicating the labor market remains tight.

Read article:  fxstreet