Gold prices hit a new record on Thursday after the latest set of US inflation and unemployment figures helped bolster the the chances of a Federal Reserve cut next week. Spot gold climbed 1.6% to a new all-time high of $2,554.78 per ounce, before falling to below $2,500 as of noon ET. Three-month US gold futures were 1.5% higher at $2,580.40 per ounce.
While the producer price index for August was higher than economist forecast, rising 0.2% instead of 0.1% over the previous month, the over the overall trend remained consistent with subsiding inflation.
On the same day, the US Labor Department released data showing initial jobless claims increased by 2,000 to 230,000 in the week ended Sept. 7, just above economist expectations. Both the US Treasury yields and the dollar dipped after the readings, boosting bullion’s appeal to investors.
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