COMEX Gold Hits One Week High

Published on Sep 15, 2021 12:24

Gold moved up in an impressive manner in the last session. The US Labor Department on Tuesday showed a modest increase in US consumer prices in the month of August, alleviating worries over a near term change in the stance of the US Fed towards rolling back some of its ultra-easy monetary policy. The Labor Department said its consumer price index rose by 0.3% in August after climbing by 0.5% in July. The consumer price growth was partly due to another sharp increase in energy prices, which spiked by 2% in August after jumping by 1.6% in July. Excluding food and energy prices, core consumer prices inched up by just 0.1% in August after rising by 0.3% in July. The report also showed a slowdown in the annual rate of consumer price growth, which dipped to 5.3% in August from 5.4% in July. This boosted COMEX Gold as the metal broke above $1800 per ounce in style and hit a one week high of $1810 per ounce.