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Gold jumps on weak US CPI figures

Gold has jumped back above US$1,800 an ounce after the US consumer price index rose less than expected, taking the heat off plans to taper economic stimulus.
Gold jumps on weak US CPI figures Gold jumps on weak US CPI figures Gold jumps on weak US CPI figures Gold jumps on weak US CPI figures Gold jumps on weak US CPI figures

Barrick Gold was among the market risers

Staff reporter

Gold, which was close to $1,780/oz less than 24 hours ago, was worth $1,803/oz on the spot market at the time of writing.

Base metals closed lower in London, with copper down 1.3%.

"The onshore macro community remains very bearish - understandable given what is going on but whilst demand has shown no signs of picking up as yet, the micro picture presents a potentially very positive picture," Marex's Al Munro said, referring to factors including low onshore stocks and shipping disruption.

Teck Resources (TSX: TECK.B) gained 4.7% following a Bloomberg report the Canada-based miner was considering options for its metallurgical coal business, including a sale or spin-off.

Copper-gold-silver explorer Filo Mining (TSXV: FIL) rose 2.5% on news it had conditional approval to graduate to the TSX.

Barrick Gold closed up 0.4%.

Finally, Anglo American - which has been making a series of share buybacks - closed down more than 3% in London.