(Kitco News) - Gold prices remain under modest selling pressure as they largely ignore stable but elevated inflation pressures.
Friday, the U.S. Department of Commerce said its core Personal Consumption Expenditures price index increased 0.3% last month, compared to August’s increase of 0.1%. However, consumers prices are rising in line with expectations
The gold market remains relatively stable even as the U.S. economy faces persistent inflation pressures. December gold futures last traded at $1,994.80 an ounce, down 0.12% on the day. "The upside surprises on consumption and headline PCE shouldn't be a surprise after yesterday's GDP but the ongoing drop in core should give the Fed some comfort. That said, consumption has to slow down at some point if the Fed wants to get on top of inflation," said Adam Button, chief currency strategist at Forexlive.com.
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