Gold Dips 1% Yesterday As Slide Under $2200 Per Ounce Extends

Published on Mar 13, 2024 13:32

COMEX Gold futures pulled back sharply yesterday, coming off a record high last week as markets focused on the US inflation data. The COMEX Gold futures tanked 1% in last session after failing to hold above $2200 per ounce in the last week. The US consumer price inflation or CPI rose by 0.4% on a monthly basis following a 0.3% increase in January. The monthly core CPI, which excludes volatile food and energy prices, rose at a steady pace of 0.4%. Annual headline inflation was up by 3.2% against expectations and the prior figure of 3.1%. The core CPI accelerated at 3.8% on annual basis, slightly lower than previous month�s 3.9%. The monthly increase of 0.4% is the highest in last five months for the US CPI. This hurt Gold as the US dollar edged up. COMEX Gold futures are currently trading at $2164 per ounce, almost unchanged on the day as the US dollar index is holding just under 103 mark.