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Metals Stocks: Gold rally pauses around 9-month highs as U.S. inflation data elicits mild reaction

Gold futures were little-changed on Friday as a rally that has driven the price of the yellow metal higher by 17% since Nov. 2 took a breather.

Price action

Gold prices for February


were little-changed at $1,930 an ounce on Comex after trading at a nine-month high for a most-active contract earlier in the week.

Silver prices for March


fell by 28 cents, or 1.2%, to $23.75 per ounce.

March palladium fell by $13.30, or 0.8%, to $1,650 per ounce, while platinum for April

declined by $7, or 0.7%, to $1,015.

Copper for March

fell by $7, or 0.7%, to $1,016 per pound.

Market drivers

The rally in gold prices took a pause as the U.S. dollar strengthened on Friday, precious metals analysts said.

Gold prices were little-changed even after the Federal Reserve’s preferred inflation indicator, the PCE index, showed consumer prices increased by just 0.1% in December, the smallest increase in 15 months.

The annual increase in prices slowed to 5% in December from 5.5% in the prior month and a 40-year high of 7% last summer. The increase in the core rate of inflation in the past 12 months decelerated to 4.4% from 4.7%. That’s also the lowest level in 14 months.

See: Inflation rate in the U.S. slows again to 15-month low, PCE shows

“The gold market is pausing after recent gains that pushed prices to a nine-month high on Thursday,” said Jim Wyckoff, senior analyst at

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