Gold rallies as break above $1700 mark extends

Published on Nov 11, 2022 11:55

COMEX Gold shot up yesterday as falling US dollar and continued buying support after the metal broke above $1700 per ounce mark triggered an excellent rally. The US consumer price index for October`s rose just 0.4% for the month and 7.7% from a year ago, its lowest annual increase since January and marking a slowdown from the 8.2% annual pace in the prior month. Excluding volatile food and energy costs, so-called core CPI increased 0.3% for the month and 6.3% on an annual basis. This boosted Gold amid a sustained drop in the US dollar index which fell well under 110 mark. COMEX Gold surged to a two and half month high of $1760 per ounce and currently linger around the same mark. The US 10-year Treasury yield slumped around 30 basis points after the data, sliding well under the key 4% mark as traders bet the Federal Reserve would slow its aggressive rate tightening campaign.