Gold prices surged sharply on Thursday (3/13) and surpassed its previous record high of $2,954 despite high US Treasury yields and a stronger US Dollar. At the time of writing, XAU/USD surpassed $2,960, and hit an all-time high of $2,971 per troy ounce.
Earlier, the US Bureau of Labor Statistics (BLS) revealed that prices paid by producers maintained the "status quo." PPI in February increased by 3.2% YoY, below the 3.3% estimate and down from January's 3.7%. Core PPI increased by 3.4% YoY for the same period, below the 3.5% estimate. At the same time, Initial Jobless Claims for the week ending March 8 fell to 220K from 222K, below the 225K estimate.
Gold's latest rally lacked a catalyst to push prices towards $2,971. However, headlines from Russia suggest that a ceasefire between Russia and Ukraine is not as close as hoped, as a top Russian aide said that the US proposal "gives nothing" to Russia. (Newsmaker23)
Source: FXstreet
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