Gold slippery as dollar index soars

Published on Feb 17, 2023 12:13

Gold lingers in the red in early Asia on Friday tracking spike in US dollar index as rising producer price index and fall in jobless claims stoked fear of inflation and concerns of more rate hikes. Dollar climbed to six week high above 104 mark in line with treasury yields up more than 1% at 3.88%. The US Labor Department said its producer price index for final demand climbed by 0.7 percent in January after edging down by a revised 0.2 percent in December while initial jobless claims slipped to 194,000, a decrease of 1,000 from the previous week`s revised level of 195,000. COMEX gold futures are quoting at $1837.70 an ounce, down 0.76% on the day.