Gold books best day in a week Friday, as hot inflation data rattles Wall Street

Gold prices soared on Friday after May inflation data came in hot, shattering hopes that high costs of living in the U.S. might be buckling as the Federal Reserve works to tighten financial conditions. Gold for August delivery shot up 1.2% on Friday, adding $22.70, to settle at $1875.50 an ounce on Comex. “A big sell off in the U.S. stock market after the hottest U.S. consumer price index reading in over 40 years spooked stock market bulls and prompted safe-haven demand for the precious metal,” Jim Wyckoff, senior analyst at Kitco.com, told MarketWatch. The most-active gold contract rose 1.4% for the week, according to FactSet data.

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