WASHINGTON (dpa-AFX) - Gold prices inched higher on Thursday to hover near four-week highs after data showed both headline and core inflation in the U.S. rose at a slower-than-expected pace in June, potentially bolstering the case for the Fed to stop raising rates.
Spot gold edged up 0.1 percent to $1,960.17 per ounce, while U.S. gold futures were up 0.2 percent at $1,964.65.
The dollar reached its lowest level in nearly a year and benchmark U.S. Treasury yields hit their lowest in over a week, bolstering bullion's appeal.
While the U.S. Fed is still widely expected to raise interest rates by another quarter point later this month, there is now optimism that the U.S. central bank is nearing the end of its tightening campaign.
Looking ahead, U.S. PPI data for June, U.S. weekly jobless claims numbers and U.S. Federal monthly budget balance report for June are slated for release in the New York session.
Also, U.S. Federal Reserve Board Governor Christopher Waller will deliver a speech on the economic outlook before the Money Marketeers of New York University later in the day.
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