Gold price sees some modest profit taking, but holding above $1,900 as U.S. CPI rises 6% in February, in line with expectations
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For the last 12 months, the report said that annual inflation rose 6.0%, down from 6.4% from January. "This was the smallest 12-month increase since the period ending September 2021," the report said.According to some market analysts, the rise in core inflation indicates that rising consumer prices are becoming embedded in the broader economy. Annual core inflation rose 5.5% for the year, in line with expectations.
Gold prices rallied to a six-week high Monday as the world reacted to growing stress in the U.S. banking sector after the government regulators took over California's Silicon Valley Bank Friday and New York-based Signature Bank Sunday. However, the government has calmed some fears after announcing that all depositors would be made whole.
The growing stress in U.S. financial markets coupled with stubborn inflation shows how difficult the path the Federal Reserve has to walk.
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