Due to U.S. inflation, gold breaks to a session low and falls through an important support level
Gold breaks through an important support level and falls to $4,020.85 (-2.90%), after hitting a low of $4,018.61, below the $4,029 level.
This follows the release of U.S. inflation data (the Consumer Price Index), which came in higher than expected: a monthly increase of 0.4% versus the forecast of 0.3%, and a 0.3% increase in the core index versus the forecast of 0.2%. Gold has lost about $37 since the 5:07 p.m. reading, and about $61 from its pre-release level of $4,082.
The decline coincides with growing bets on Fed tightening: Fed member Christopher Waller said this afternoon that a half-point hike in December
$XAUT $PAXG $BTC
Gold breaks through an important support level and falls to $4,020.85 (-2.90%), after hitting a low of $4,018.61, below the $4,029 level.
This follows the release of U.S. inflation data (the Consumer Price Index), which came in higher than expected: a monthly increase of 0.4% versus the forecast of 0.3%, and a 0.3% increase in the core index versus the forecast of 0.2%. Gold has lost about $37 since the 5:07 p.m. reading, and about $61 from its pre-release level of $4,082.
The decline coincides with growing bets on Fed tightening: Fed member Christopher Waller said this afternoon that a half-point hike in December
$XAUT $PAXG $BTC
