Gold prices trade higher on Wednesday, sticking to a tight trading range as investors digest the latest reading on U.S. inflation, which revealed the largest...
Gold prices traded higher on Wednesday, sticking to a tight trading range as investors digested the latest reading on U.S. inflation, which revealed the largest monthly climb in more than a year.
The yearly rate of inflation moved up to 3.7% last month from 3.2% in July. Economists polled by the Wall Street Journal expected consumer prices to rise 3.6% year-over-year. At the very most, gold might have to deal with one more Federal Reserve interest rate hike in November, but “it is clear that the economy will steadily weaken going forward,” he said. “Bad economic news is about to become good news again for gold. Wall Street is getting closer to putting a peak in place for the dollar.”
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