Gold rises on Friday, platinum jumps over 1%

Gold prices rose on Friday, as investors renewed concerns about rising inflationary pressures in the US again, raising the likelihood of the continuation of the monetary tightening cycle for longer period than expected.

Futures prices for April delivery of the yellow metal rose 0.28% or $6.1 to $2,173.60 per ounce at exactly 12:04 PM Makkah Time.

The spot price of gold edged by 0.28% to $2,168.35 per ounce, while May delivery silver futures rose by 0.94% to $25.30. Additionally, the spot price of platinum surged by 1.12% to $937.78 per ounce.

Official data released yesterday revealed a acceleration in the annual rate of producer prices in the US to 1.6% in February, up from 1% in January, marking the highest increase since last September.

This data followed a rise in the annual inflation rate for consumer prices to 3.2% in February, compared to 3.1% in January.

According to estimates from the London Stock Exchange Group, the likelihood of the U.S. Federal Reserve cutting interest rates in its June meeting decreased to 61% from 75% a week ago.