(Kitco News) - Gold prices were trading near session highs after U.S. headline consumer prices aligned with expectations in October with steady month-over-month readings for both headline and core inflation.
The Consumer Price Index (CPI) rose 0.2% last month after September’s 0.2% rise, the U.S. Bureau of Labor Statistics announced on Wednesday. The inflation data was in line with expectations, as economists were looking for a 0.2% increase.
The report said that in the last 12 months to October, headline inflation rose 2.6%, also in line with expectations and up from September’s 2.4% print.
Core CPI, which strips out volatile food and energy prices, increased 0.3% in October as expected, and the same as September’s 0.3% reading.
The report said that annual core inflation rose by 3.3% in October, which was also in line with economists’ expectations and identical to the 3.3% reading from the prior month.
The gold market shot to session highs following the latest inflation data with spot gold spiking to $2,618.92 in the moments following the CPI release. Spot gold last traded at $2,613.69 per ounce for a gain of 0.59% on the daily chart.
