Gold rises as European inflation data undermines dollar

NEW YORK (June 29)  Gold traded higher on Wednesday following a batch of inflation data out of Europe that analysts said could push the European Central Bank to act more aggressively.

• Gold futures for August GC00, 0.26% GCQ22, 0.25% delivery rose $7.40, or 0.4%, to $1,828.70 per ounce.
• Silver futures SIU22, -0.23% for September delivery rose 13 cents, or 0.6%, to $20.99 per ounce.
• Platinum futures PLV22, 1.25% for October delivery rose $21.50, or 2.4%, to $927.20 per ounce.
• Palladium futures PAU22, 6.85% for September delivery rose $85, or 4.6%, to $1,947 per ounce.
• Copper futures for September HGU22, 0.37% delivery rose 2 cents, or 0.6%, to $3.80 per pound.

While the headline reading on German inflation declined in June for the first time since January, inflation data out of Spain showed price pressures accelerating at their fastest pace in decades. According to preliminary data released by German statistics office Destatis on Wednesday, consumer prices rose 7.6% year-over-year, lower than the 8% forecast by economists in a Wall Street Journal poll. In Spain, the annualized inflation rate in June topped 10%, the highest since 1985.

MarketWatch