Gold price falls to session lows as U.S. CPI rises 9.1% in June kitconews gold silver investing finance metals mining economics
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Wednesday, the U.S. Labor Department said its Consumer Price Index rose 1.3% in June after a 1.0% rise in May. The data beat consensus forecasts as economists were forecasting a 1.0% rise. For the year, inflation rose to 9.1%, significantly beating expectations. Economists were looking for inflation to rise 8.6%.
Stripping out food and energy prices, core inflation also came in hotter than expected, rising 0.7%, following May’s rise of 0.6%. According to consensus forecasts, economists were looking for a 0.5% rise. The gold market is not seeing any new bullish momentum as an inflation hedge, despite the hotter than expected reading. August gold futures last traded at $1,715.90 an ounce down 0.54% on the day.
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