Gold slips 1% on stronger dollar, hopes of transitory inflation

Friday, 11. June 2021 19:37

The price of gold declined by more than 1% on Friday as the dollar advanced amid hopes that the recent inflation hike will not be long-term.

The markets shook off the inflation concerns despite the worse-than-expected consumer prices increase, as the idea of transitory inflation took hold among the traders.

Spot gold fell 1.16% to sell for $1,876.97 per ounce at 1:34 pm ET, while silver slid 0.11% to $27.97 per ounce a minute later. Platinum lost 0.27% to go for $1152.11 at 1:35 am ET, while palladium concurrently went up by 0.16% to go for $2,783.71.05 an ounce.

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Breaking the News / BU