(Kitco News) – The gold market is testing critical support around $1,650 an ounce as U.S. inflation pressure rise in line with expectations.
Friday, U.S. Department of Commerce said its core Personal Consumption Expenditures price index increased 0.5% last month, up from August’s increase of 0.6%. The data was in line with expectations.
For the year core inflation rose 5.1%, up from August’s annual increase of 4.9%. Inflation was a tick lower as economists were expecting to see a 5.2% increase.
The data is adding some selling pressure to gold as it was already testing critical support levels. December gold futures last traded at $1,653.70 an ounce, down 0.71% on the day.
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Read More:Gold prices testing support around $1,650 as U.S. PCE rises 0.6% in September, in line with expectations
2022-10-28 12:35:00