COMEX gold continues to stay elevated at $2937.90 an ounce on Thursday as safe haven demand for the commodity retains. Upside in the yellow metal was driven by dollar index that stayed muted despite a higher than expected inflation reading. The US Consumer Price Index (CPI) climbed above 3% annually for the first time in six months, exceeding forecasts and December’s 2.9% increase. This rise underscores the ongoing challenge the Federal Reserve faces in controlling inflation. Core CPI which excludes volatile items rose by 3.3% on year, up from 3.2%, above forecasts of 3.1%. Besides, increased demand for yellow metal by central bankers has kept demand for the metal intact. The World Gold Council (WGC) reported that central banks purchased over 1,000 tons of gold for the third consecutive year in 2024. Following Trump's electoral victory, purchases by central banks surged by more than 54% year-over-year to 333 tons, according to WGC data.