Just before 9 a.m. on Thursday, gold futures were up 0.52 percent, a $7.10 increase to $1,382.20 per troy ounce. Silver futures were up 0.43 percent, a 0.131 cent increase to $30.76 per troy ounce. April-delivery platinum was up $1.20 to $1,835.50 per troy ounce. March-delivery palladium was up $1.05 to $839.40 per troy ounce.
Marking its seventh straight monthly increase, the cost of living rose in the U.S. for the month of January. And, in the U.K., the consumer price index for January rose to its highest level in two-plus years.
Prices for gold have benefited on "an alarming U.K. CPI print," according to a Thursday report from UBS analyst Edel Tully. "Expectations of last year's import duty hike caused our physical sales to India to accelerate about three days before the budget."
The UBS report also stated India, the world's biggest buyer of gold, is readying a purchase of additional gold so as to act in advance of the government's announcement of a duty increase on gold, scheduled for later this month.
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