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Update: Gold Moves Higher as the Dollar Weakens as U.S. Wholesale Price Inflation Rose Less Than Expected
(Updates prices.)Gold traded higher midafternoon on Tuesday as the dollar fell after the United States reported U.S. wholesale price inflation rose less than expected last month.Gold for May delivery was last seen up US$82,90 to US$4,850.30 per ounce.The U.S. Bureau of Labor Statistics reported the seasonally adjusted March Producer Price Index (PPI) rose by 0.5%, unchanged from the prior month and well below the consensus estimate for a rise of 1.1% according to Marketwatch. Core PPI, excluding volatile food and energy, rose by 0.2%, down from 0.5% in February and under expectations for 0.4% rise."More than half of the March increase in the index for processed goods for intermediate demand can be attributed to a 42.0-percent jump in prices for diesel fuel. The indexes for gasoline, jet fuel, primary basic organic chemicals, steel mill products, and residual fuels also rose," the agency said.The dollar was lower following the data, with the ICE dollar index last seen down 0.29 points to 98.08, the lowest since Feb.27. Treasury yields were lower, with the yield on the U.S. two-year note was down 2.1 basis points to 3.762%, while the yield on the 10-year note was down 3.2 points to 4.261%.
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