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( Kitco News ) – The gold market is holding on to strong gains but continues to see little reaction to inflation data.
Friday, the U.S. Labor Department reported mixed wholesale inflation pressures; it said its Producer Price Index (PPI) rose 0.3% in October, following September’s 0.4% increase; the data were stronger than expected with economists’ forecasting an increase of 0.2%.
For the year, inflation is up 1.1%, the largest increase since February, the report said.Meanwhile, core inflation pressures, which strips out volatile food and energy costs, rose 0.1% last month. The data missed expectations with economists looking for a 0.2% rise.Annual core inflation rose 0.8% to 1% in October, the largest increase since March, the report said.Gold prices […]
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