Gold prices drop to session lows down nearly 1% on the day as U.S. CPI rises 0.1% in August
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The report said that annual inflation rose 8.3% last month. Economists were expecting to see a rise of 8.1%. The latest inflation data is a surprise for many economists as they were looking for cooler inflation pressures as gasoline prices fell nationwide last month. The report highlighted the broad-based rise in consumer prices in shelter, food, and medical care. At the same time, gasoline prices dropped 10.6%, pushing overall energy prices down 5%.
"This is a potential game-changer in the dollar trade and it has surged higher across the board," said Adam Button, head of currency strategy at Forexlive.com.
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