Materials Up as Gold Hits Record After Inflation Data -- Materials Roundup

Producers of metals and other raw materials rose after tepid inflation data set the stage for a Federal Reserve rate cut, weighing on the U.S. dollar.

Producer inflation came in cooler than expected in July, inching up 0.1%.

Atlanta Federal Reserve Bank President Raphael Bostic said he expects the U.S. economy will be in a place to lower interest rates within the next several months, adding he doesn't currently see a recession on the horizon.

The U.S. dollar fell sharply against rival currencies in the wake of the data. Dollar-sensitive gold futures rose 0.2% to $2,466.70 an ounce, a new record high and the fifth consecutive gain.

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(END) Dow Jones Newswires

08-13-24 1743ET