The U.S. Labor Department released data noting the consumer-price index increased 0.3 percent, representing the largest advance since June of last year. The yellowish metal is coming off a year when it lost 28 percent of its value, which occurred during its first year of annual losses since 2000.
"Inflation is back on everyone's radar," senior commodity broker Phil Streible with R.J. O'Brien & Associates in Chicago told the news source on Thursday. "The safe-haven appeal is back to an extent."
At 9:48 a.m. on Thursday, gold futures edged up 0.05 percent, a 56-cent lift to $1,242.44 per troy ounce. Silver futures dropped 0.24 percent, a nickel loss to $20.15 per troy ounce.
Reuters reports the price of bullion is likely to be impacted by policy decision the U.S. Federal Reserve makes later this month when it convenes two days of meetings. Chairman Ben Bernanke will step aside and Vice Chair Janet Yellen, who was approved earlier this month by the U.S. Senate, will become the body's top administrator.
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