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Home » WORLD GOLD PRICE UPDATES MID JANUARY 2024

WORLD GOLD PRICE UPDATES MID JANUARY 2024

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The gold market is testing resistance around $2,050 an ounce, supported by cooling producer inflation pressures.

The Producer Price Index (CPI) fell 0.1% last month after November’s revised decline of 0.1%, the Labor Department said on Thursday. The latest inflation data was slightly cooler than expected as economists looked for another unchanged reading.

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The report noted that in the last 12 months, producer inflation rose 1.0%, down sharply from consensus estimates for a 1.3% annual increase.

Meanwhile, core PPI, which strips out volatile food and energy prices, was unchanged for the third consecutive month. For the year, Core PPI increased 1.8% in the same period, below the November reading and analysts’ estimates of 2% and 1.9%, respectively.

The gold market is seeing some renewed momentum in its initial reaction to the latest inflation data as it supports expectations that the Federal Reserve has room to ease interest rates earlier than expected. Spot gold last traded at $2,055.50 an ounce, up 1.35% on the day.

SOURCE : KITCO NEWS

PUBLISHED BY : GOLDCEYLON

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