02:00 PM EDT, 04/11/2024 (MT Newswires) -- (Updates prices.)

Gold prices rose on Thursday as market watchers took in the latest US inflation data.

Gold for June delivery was last seen up US$23.40 to US$2,371.80 per ounce. Spot gold was up US$22.03 to US$2,356.07 per ounce.

The US Bureau of Labor Statistics on Thursday said the producer price index rose by 0.2% in March from February, lower than the 0.3% consensus estimate, according to Marketwatch, while the core rate, excluding volatile items, also rose 0.2%, matching estimates.

Still, the agency on Wednesday reported the consumer price index rose by 0.4% in March, unchanged from the February rate but above the consensus estimate for a 0.3% rise, according to Marketwatch, Core inflation, which excludes volatile energy and food prices, also rose 0.4% from February, above expectations for a 0.3% rise.

Gold is putting up "a strong defense against persistent price pressures that may further delay Fed interest rate cuts. However, the prospect for sticky inflation and geopolitical risks continue to offset the negative impact of dollar strength, rising yields and fewer rate cuts", Saxo Bank noted.

The dollar recouped a drop that followed the PPI report. The ICE dollar index was last seen up 0.04 points to 105.28.

Treasury yields were mixed. The US two-year note was last seen paying 4.959%, down 0.2 basis points, while the yield on the 10-year note was up 0.7 basis points to 4.558%.