By Gina Lee

Investing.com – Gold was down on Thursday morning, retreating from a five-month peak as the strengthened. Inflation records in America saw yellow metal reach a record five-month high at the last session.

The dollar fell 0.08%, to $1.846.85 at 10:12 ET (3:12 GMT). On Thursday, the dollar rose slightly, as it normally moves in an opposite direction to gold.

The Wednesday release showed that core CPI rose 4.6% to 0.6%, and the consumer price index (CPI), 6.2% respectively.

On Tuesday, data revealed that the producer price index rose 0.6% to 8.6%. It grew by 0.4% monthly.

Inflation data suggest that the inflation rate could stay high into 2022 as supply chain bottlenecks continue to exist.

San Francisco Federal Reserve Bank President Mary Daly said on Wednesday that she expects high inflation to moderate once COVID-19 recedes and said it would be “quite premature” to hike interest rates and speed up the Fed’s asset tapering.

The Dovish U.S. monetary policy, COVID-19, that aims to stimulate economic growth has pushed gold to new heights in the past two years. Gold also received a boost from low interest rates.

In the U.S., initial claims for job vacancies fell to 267,000 last week. It was the lowest number since mid-March 2022. Investing.com forecast 265,000 claims while the prior week saw 270,000 claims.

Silver was up 0.3% while platinum surged 1.03%. Palladium gained 0.59%.