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Investing.com – The price of gold rose on Friday in Asia, despite stronger than expected US inflation and labor, contrasting with the concerns of Federal Reserve Chairman Jerome Powell. that economic growth was threatened.
The August delivery to the Comex division of the New York Mercantile Exchange was trading for the last time at 1,409.6 USD at 12:38 ET (04:38 GMT), up 0.2%.
Earlier this week, Powell worried about the threat to the US economy and therefore justified a rate cut. He also feared low inflation more persistent than expected.
"The bottom line is that the economy is in a very good position and we want to use our tools to keep it going," said the Fed president, who pledged to "act appropriately to support the economy". 'expansion' of US growth.
However, data released overnight showed that weekly jobless claims were 209,000, down from the expected 220,000 and added to the signs of a strong labor market in the United States. The data comes from a report on jobs stronger than expected released last Friday.
The data show that basic consumer prices rose to a maximum in nearly a year and a half in June. The unexpected rise to 2.1% slightly exceeds the Federal Reserve's target of 2.0%.
Yellow metal prices stopped rising and fell back immediately after the release of the data, but have recovered today and remained above the $ 1,400 level.
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