Gold Off Two Week Top

Published on Feb 11, 2022 11:49

COMEX Gold futures stayed supported amid red hot US inflation. The annual rate of US consumer price growth accelerated more than expected in the month of January, the Labor Department revealed in a highly anticipated report on Thursday. The report showed consumer prices in January were up by 7.5% compared to the same month a year ago, reflecting the fastest annual growth since February of 1982. Gold hit near a two week high of $1843 per ounce before correcting as a surge in the US treasury yields weighed on the metal. The commodity currently trades at $1823 per ounce, down 0.70% on the day.