Gold futures continued to drift lower Thursday stocks rebounded and U.S. inflation picked up.
June gold settles at $1,327.30/oz, down $2.70, or 0.2%, for the session. The weekly loss ate into gold’s gains for the quarter.
A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth accelerated to 1.6 percent in February from 1.5 percent in January.
Personal income climbed by 0.4 percent in February, matching the increases seen in the two previous months as well as expectations.
The Commerce Department also said personal spending rose by 0.2 percent for the second consecutive month. The uptick in spending also matched estimates.
First-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended March 24th, according to a report released by the Labor Department on Thursday.