Gold Rises After Subdued Inflation Data

Gold futures were rose Thursday amid data showing that U.S. inflation is under control. June gold climbed $ 9.30, or 0.7%, to settle at $ 1,322.30/oz. The Labor Department said its consumer price index rose by 0.2 percent in April after edging down by 0.1 percent in March. Economists had expected consumer prices to climb by 0.3 percent. Excluding food and energy prices, core consumer prices inched up by 0.1 percent in April after rising by 0.2 percent in the previous month.

Core prices had been expected to rise by 0.2 percent.A separate report from the Labor Department showed initial jobless claims unexpectedly came in unchanged in the week ended May 5th. The report said initial jobless claims came in at 211,000, unchanged from the previous weeks unrevised level. Economists had expected jobless claims to rise to 218,000.