Precious Metals Preview: COMEX Gold Hits Near Three Week Top

13 Apr 2022 , 08:55 AM

COMEX Gold shot up last night on spike in US inflation. The Labor Department said its consumer price index surged by 1.2 percent in March after climbing by 0.8 percent in February. The jump in consumer prices came as gasoline prices skyrocketed by 18.3 percent, accounting for over half of the monthly increase. Food prices also shot up by 1.0 percent. Meanwhile, the report showed core consumer prices, which exclude food and energy prices, edged up by 0.3 percent in March after rising by 0.5 percent in February. COMEX soared to around three week high, adding more than 1.5% on these cues.

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