* ECB keeps monetary policy unchanged
* US consumer price index rose 0.6% in May.
* Reducing the limits of automatic output PGM analyzer (adds comments, updates prices)
June 10 (Reuters) – Gold prices rose on Thursday after data showed that US consumer prices rose more-than-expected last month, but eased concerns over a cut in monetary support from the Federal Reserve.
Spot gold rose 0.3% to $ 1,893.75 an ounce by 1:43 pm ET (1743 GMT), hitting its lowest level since June 4 at $ 1,869.46.
US gold futures closed at 1896.40 an ounce.
The data showed that US consumer prices continued to rise in May as the continued economic recovery from the pandemic spurred domestic demand. Weekly jobless claims also fell to their lowest level in nearly 15 months.
“The key takeaway (from inflation data) is that this market is firmly convinced that the US Federal Reserve is not going to change its position anytime soon, and the (adaptive policy) scenario for gold remains,” Edward Moya said. senior market analyst at the company. OANDA.
Some price pressures persist for gold, but ultimately the belief that “runaway” inflation, which could trigger a tightening of Fed policy, is unlikely to support gold, Moya said.
Investors also analyzed the European Central Bank’s pledge to maintain a steady flow of stimulus throughout the summer at a policy meeting.
“We expect gold prices to rise in the coming weeks and inflation expectations to remain in the spotlight,” said Suki Cooper, an analyst at Standard Chartered, adding that the recent surge in investor appetite has more than offset weak demand for physical gold, especially from the outside. India and China.
Among other metals, palladium fell 0.6% to $ 2,762.56 and platinum fell 0.4% to $ 1,145.23.
“Disruptions in the semiconductor supply chain have definitely limited the production of new cars and therefore the demand for platinum and palladium group metals (PGMs),” holding back their prices, said Jeffrey Christian, managing partner of CPM Group.
Platinum and palladium are used in vehicles as catalysts to reduce emissions.
Silver rose 0.5% to $ 27.88 an ounce. (Reporting by Nakul Iyer in Bangalore, edited by Margarita Choi and Steve Orlofsky)