Gold rises as US Treasury yields fall

Gold prices rose more than 1% as US Treasury yields tumbled after US inflation data, and Federal Reserve Governor Lael Brainard said a joint effort to shrink the balance sheet and a series of interest rate increases would help bring down inflation.

Spot gold rose 0.7% to $67.61 an ounce, after hitting its highest level in nearly a month, and US gold futures rose 1.4% to $1976.10 an ounce. As for other precious metals, silver rose 1.1% to $25.35 an ounce, while platinum fell 1.2% to $964.79 and palladium fell 3.5% to $2,346.66 an ounce.