MTECHTIPS;-Gold Prices Jump to Session Highs After U.S. Inflation Miss

Spread the love

MTECHTIPS;-Gold Prices Jump to Session Highs After U.S. Inflation Miss

MTECHTIPS-Gold prices ticked higher on Thursday, hitting the strongest levels of the session after data showed that U.S. consumer prices rose less than expected in August. Comex gold futures were up $5.50, or 0.45%, at $1,216.60 a troy ounce by 9:00 AM ET (1400 GMT). Meanwhile, spot gold was trading at $1,211.40 per ounce, up $5.20, or 0.4%. The Labor Department said on Thursday its consumer price index advanced 0.2%, missing expectations for a gain of 0.3%. In the 12 months through July, the CPI increased 2.7%, below forecasts for a reading of 2.8% and slowing from 2.9% in July. Excluding the volatile food and energy components, the CPI edged up 0.1%, below forecasts for a gain of 0.2%. The annual increase in the core CPI was 2.2%. Economists were looking for it to hold steady at July’s 2.4% advance. Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure precisely because they exclude the volatile food and energy categories. The central bank usually tries to aim for 2% core inflation or less. The Fed is expected to raise interest rates at its Sept. 25-26 policy meeting. It has raised rates twice this year

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119