US inflation exceeds expectations: Sharp drop in gold prices
Following US October inflation exceeding expectations, selling pressure intensified in the gold market; ounce gold fell to 4,039 dollars and gram gold to 6,540 liras.
The US consumer inflation for October exceeding economists' expectations brought about sharp declines in the gold market. Following the data, ounce gold fell to 4,039 dollars with a loss exceeding 2.60 percent, while the domestic gram gold price dropped from 6,580 liras to 6,540 liras.
The Consumer Price Index (CPI) in the US increased by 0.4 percent on a monthly basis in October, exceeding the market expectation of 0.3 percent. Core CPI, which excludes food and energy items, also recorded a monthly increase of 0.3 percent. These released data hold the feature of being the final CPI report prior to the interest rate policy of the US Federal Reserve (Fed) meeting on December 8-9.
Sources
- rudaw.net · Link