Producers of metals and other raw materials were flat after muted wholesale inflation data.

Gold futures hovered around all-time highs near $3,000 an ounce as traders sought out safe havens due to uncertainty about the outlook for global trade.

The weaker-than-anticipated wholesale and consumer inflation data this week could open the door to a Federal Reserve rate cut sooner than previously anticipated, and that would likely drive up the price of gold further because of its impact on the U.S. dollar. One brokerage said underlying trends and tariff risks suggested easing was unlikely in the near term, however.

"Inflation is unlikely to fall enough for the Fed to cut this year, especially given policy changes that boost inflation," warned economists at brokerage Bank of America Global Research. During times of dollar depreciation, investors often buy gold, viewing it as a more stable store of value.

Gold miner Newmont, the largest U.S. producer of the precious metal, saw their largest percentage gain in almost a year. The rate outlook was muddied by a reading of new jobless claims, which showed a downtick to 220,000 for the latest week.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

March 13, 2025 17:28 ET (21:28 GMT)

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