Gold price holding gains, ignoring muted inflation pressures

New York (Feb 13)  Gold prices are holding on to modest gains but continue to see little reaction to muted inflation pressures.

Thursday, the U.S. Labor Department said its U.S. Consumer Price Index rose 0.1% in January, after a 0.2% rise in December. The data weaker than expected as consensus forecasts were calling for a rise of 0.2%.

Stripping out volatile food and energy prices, core inflation rose in line with expectations, increasing 0.2% last month, following December’s rise of 0.1%.

Gold prices are holding steady as investors ignore U.S. economic data and focus on the potential impact the spreading coronavirus could have on global growth. April gold futures last traded at $1,576.40 an ounce, up 0.31% on the day.

KitcoNews

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