Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Gold prices are bouncing from their lows as the annual base CPI in the US rises to its highest level since 1992.

Gold prices are bouncing from their lows as the annual base CPI in the US rises to its highest level since 1992.

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(Kitco News) – Gold prices are trying to drop their session lows, following a stronger-than-expected US consumer price.

On Thursday, the US Department of Labor said the US consumer price index rose 0.6% in May, after rising 0.8% in April. The data beat the consensus forecast, as economists forecast growth of 0.4%.

For the year, the report said that headline inflation rose 5.0%. “This was the

the largest 12-month increase of 5.4% for the period ending August 2008. “

Meanwhile, the main consumer price index, which eliminates food and energy spending, rose 0.7% in May from 0.9% in April. Economists expected growth of 0.5%.

For the year, the main CPI increased by 3.8%, which is the largest 1

2-month increase from the period to June 1992.

The gold market seems to be catching a small supply, although it follows the strong title number. August gold futures traded at $ 1,885.50 an ounce in August, down nearly 50 percent for the day. The title of the report, gold prices fell by about 1%.

Some market analysts say stronger inflation figures are negative for gold, as it could force the Federal Reserve to tighten its ultra-weak monetary policy and cut its monthly bond-buying program earlier than expected.

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