Gold prices above $1,500 as U.S. PCE misses the mark

3 November
Kitco News:

Gold prices are holding on to $1,500 as inflation pressures remain muted in September

Thursday, the Department of Commerce said that its Core Personal Consumption Expenditures (PCE) Index, was unchanged last month, missing expectations. Economists were forecasting a 0.1% rise. This is the second time PCE inflation has missed expectations.

Annually, core inflation, which is the Fed’s preferred inflation measure increased 1.7%, down a tick from August’s reading.

Gold prices are holding on to modest gains but seeing little reaction to the weaker than expected inflation data. December gold futures last traded at $1,510.80 an ounce, up 0.94% on the day.

 

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