Gold rose on Thursday on data showing rising US inflation, and after the previous day's 1-percent drop triggered renewed physical interest by price-sensitive Asian buyers. Bullion investors focused on US Labour Department data which showed underlying inflation pressures rose in October, even though that also bolstered expectations of a mid-2015 interest rate hike from the Federal Reserve.
The gold market also ignored other data that showed a strengthening US economy, including rising existing home sales and lower weekly jobless claims. Spot gold was up 0.7 percent at $1,191.44 an ounce by 1:55 pm EST (1855 GMT), while US gold futures for December delivery settled down $3 an ounce at $1,190.90. Earlier this month it slid to a 4-1/2 year low at $1,131.85. Among other precious metals, platinum briefly slipped into a discount to gold for the first time since mid-October before recovering to trade at a premium of about $10 an ounce. Platinum was up 1.7 percent at $1,202.50 an ounce, while palladium climbed 1 percent to $768 an ounce. Silver was up 0.3 percent at $16.15 an ounce.
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