Gold prices holding support above $1,800 an ounce following sharp 0.9% rise in U.S. Inflation
The gold market is holding gains and support above $1,800 an ounce as U.S. inflation pressures see a significant rise in June. Tuesday, the U.S. Labor Department said its U.S. Consumer Price Index rose 0.9% in June, after a 0.6% rise in May. The data significantly beat consensus forecasts as economists were forecasting a 0.5% rise. “This was the largest 1-month change since June 2008 when the index rose 1.0 percent,” the report said For the year, the report said that headline inflation rose 5.4%. Meanwhile, core CPI, which strips out food and energy costs, increased 0.9% in June, up from a 0.7% increase in May. Economists were expecting to see an increase of 0.4%.