Precious Metals Preview: COMEX Gold Tanks But Rising Core Inflation Could Support

14 Sep 2022 , 08:34 AM

COMEX Gold lost nearly 25 dollars yesterday as selling kicked in following the US inflation data and a tumble in equities. The US Labor Department said its consumer price index edged up by 0.1 percent in August after coming in unchanged in July. Compared to the same month a year ago, consumer prices were up by 8.3 percent in August, reflecting a slowdown from the 8.5 percent spike in July. However, core consumer prices, which exclude food and energy prices, climbed by 0.6 percent in August after rising by 0.3 percent in July and this should support Gold ideally. The shiny metal currently trades at $1711 per ounce, down 0.34% on the day. MCX Gold futures lost around 1% to close at Rs 50130 per 10 grams after testing near Rs 49700 mark in intraday moves. Powered by Commodity Insights