Gold prices are soaring to unprecedented levels as concerns over persistent inflation and geopolitical risks drive sustained demand for the precious metal. As of 5:25 PM EDT, gold futures basis the most active April contract is fixed at $2390.60. Gold futures opened at $2343.60, traded to a high of $2372.70 in New York and gained additional grounds trading at Globex before gold closed for a short break before reopening in Australia in approximately a half hour.
The PPI report revealed that the core rate, excluding volatile food and energy costs, also climbed 0.2% last month, matching estimates. This followed Wednesday's Consumer Price Index data that showed core inflation accelerated by 0.4% in March, exceeding forecasts. The combination of stubborn inflation and heightened geopolitical tensions linked to the Russia-Ukraine war has bolstered the safe-haven demand for gold. Even as the U.S. dollar has strengthened and bond yields have climbed, factors that typically weigh on bullion prices. Gold has defied expectations by continuing to rally.
Gold's record run underscores concern that elevated inflation may persist despite the Fed's policy efforts so far. As long as economic uncertainties linger, the precious metal's status as a reliable store of value could continue driving prices toward new highs.
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