Gold prices rise following report on prices

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Associated Press

Posted on March 15, 2013 at 2:02 PM

Updated Friday, Mar 15 at 2:02 PM

An unexpected increase in consumer prices is luring traders to gold and other metals, lifting their prices.

Gold for April delivery rose $1.90, or 0.1 percent, to settle at $1,592.60 an ounce on Friday.

Silver for May rose 4.4 cents, or 0.2 percent, to $28.85 per ounce.

A measure of U.S. consumer prices rose 0.7 percent in February, the biggest one-month increase in more than three years, the Labor Department said. But it was mainly a result of a 9 percent surge in gas prices.

Traders turn to gold and other metals on signs of inflation, because they expect them to keep pace with rising prices.

Other metals were mostly higher Friday. Platinum group metals rose, and copper dipped.

Trading in grains was mixed, with wheat and soybeans dipping slightly.

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