Gold Bounces Above $1900 Mark

Published on Jun 11, 2021 10:29

COMEX Gold saw a sharp turnaround in last session. The metal moved up from a low of $1870 per ounce to bounce above $1900 per ounce after US Labor Department said its consumer price index rose by 0.6% in May after climbing by 0.8% in April. Excluding food and energy prices, core consumer prices climbed by 0.7% in May following a 0.9% advance in April. The consumer prices in May were up by 5% compared to the same month a year ago, reflecting the biggest spike since August of 2008. Inflation rose though the underlying nature of the price surge indicated that the spurt is likely to be transitory. The US 10-year bond yields fell to three-month lows, keeping Gold elevated. The metal currently trades up 0.34% at $1904 per ounce.