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Gold futures climbed on Friday, shrugging off rising inflation in Europe, as the U.S. dollar traded below a 20-year high reached earlier this week.

Price action
  • Gold futures

    expiring in December climbed $2.80, or 0.2%, to $1,671 per ounce on Comex.

  • Silver futures

    due in December advanced 24 cents, or 1.3%, to $18.96 per ounce.

  • Palladium futures

    for December delivery fell $14, or 0.6%, to $2,197 per ounce, while platinum futures

    for January delivery fell $1.80, or 0.2%, to $858 per ounce.

  • Copper futures

    for December delivery climbed 1 cent, or 0.2%, to $3.425 per pound.

What’s happening

Gold has continued to trade near its highest level in a week despite another batch of worrying inflation data out of the eurozone, which showed consumer-prices are rising at their fastest pace since World War II, one day after an inflation report out of Germany revealed something similar.

See: Eurozone Inflation posts new record high of 10.0% in September

Investors are also awaiting August inflation data out of the U.S. due at 8.30 a.m. ET.

Lately, movements in the price of gold and silver have been dictated mostly by the relative value of the U.S. dollar along with rising Treasury yields.

“The typical safe haven, gold, has been out of look this week as the main focus has been on the strength of the dollar index,” said Naeem Aslam, chief market analyst at AvaTrade.

The ICE U.S. Dollar Index
a gauge of the greenback’s strength against a basket of currencies, has risen 0.3% to 112.62 on Friday, but is still trading below its 20-year high of 114.78, reached on Wednesday.

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