May 29 (Reuters) - Gold prices inched higher on Friday
as investors assessed reports of a U.S.-Iran ceasefire deal amid
growing concerns around inflation and U.S. interest rate hikes.
FUNDAMENTALS
* Spot gold was up 0.4% at $4,512.79 per ounce, as of
0113 GMT. The metal was up about 0.1% for the week so far.
* U.S. gold futures rose 0.2% to $4,543.10.
* Bullion fell to a two-month low on Thursday before closing
higher on reports of a U.S.-Iran ceasefire extension.
* The United States and Iran reached an agreement on
Thursday to extend their ceasefire and lift restrictions on
shipping through the Strait of Hormuz, sources told Reuters,
though U.S. President Donald Trump has yet to approve it and
Iranian state media said it had not been finalised.
* U.S. inflation increased at its fastest pace in three
years in April, driven by higher energy prices due to the Iran
war and cementing economists' views that the Federal Reserve
would hold interest rates unchanged well into next year.
* St. Louis Federal Reserve President Alberto Musalem said
the central bank may need to increase its policy rate if
inflation does not resume easing within the next six months.
* Federal Reserve Bank of New York President John Williams
said central bank monetary policy is in the right place given
the outlook, adding he expects inflation to be high in the near
term with the pressures easing later in the year.
* China's net gold imports via Hong Kong rose 81.2% in April
from the previous month, data showed.
* Spot silver rose 0.7% to $76.17 per ounce, platinum
gained 0.2% to $1,926.18, and palladium rose 0.9%
to $1,380.94.
DATA/EVENTS (GMT)
0645 France GDP QQ Final Q1
0645 France CPI (EU Norm) Prelim YY, MM May
0645 France CPI Prelim YY, MM NSA May
0755 Germany Unemployment Chg, Rate SA May
1000 France Unemp Class-A SA Apr
1200 Germany CPI, HICP Prelim YY May
(Reporting by Pablo Sinha in Bengaluru; Editing by Subhranshu
Sahu)
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