Gold Consolidates Around $1870 Mark

Published on Nov 11, 2021 17:26

COMEX Gold futures surged, adding to latest gains on global inflationary worries. The US Labor Department released a report on Wednesday showing US consumer prices surged in the month of October, lifting the annual rate of price growth to its highest level in over thirty years. China consumer prices were also up 1.5% on year in October, the National Bureau of Statistics said on Wednesday, following the 0.7% gain in September. On a monthly basis, consumer prices rose 0.7%, up from the flat reading in the previous month. COMEX Gold hit near a five month high of $1870 per ounce in volatile trades, spiking more than 2% in intraday moves in last session and is consolidating just under the same mark today.