Gold Closes Higher to Expand Weekly and Monthly Gains

Gold prices rose on Friday, extending weekly and monthly gains and restoring the $1,900 level.

As recent data showed a surge in inflation, gold and other safe haven assets saw increased demand.

Gold futures for August delivery rose by $6.80, or 0.4%, to close at $1,905.30 per ounce.

This marked the highest closing level for the yellow metal’s most active contracts since January 7.

For the week, gold futures rose by 1.5%, extending the monthly gains to nearly 7.8%.

Earlier today, data showed that the inflation rate of the headline personal consumption spending in the U.S. surged to its highest level in about 13 years at 3.6% in April.