Precious metals rise as US inflation slows

The prices of precious metals gained ground on Wednesday as investors digested the latest inflation digits coming from the United States. The country’s annual inflation slowed in April, falling to 3.4%, which was slightly less than what analysts expected and down from March’s 3.5%.

With the cooling in inflation, traders are seemingly hoping that the Federal Reserve’s monetary policy firming cycle has come to an end.

Gold increased 0.64%, to go for $2,372.77 per ounce at 9:09 am ET. Silver surged 1.89%, selling at $29.16 per ounce at the same time. Platinum added 1.46%, going for $1,052.57 per ounce at 9:10 am ET. Palladium traded 2.40% higher, to go for $992.25 per ounce concurrently.