(Kitco) – Thursday, April 11TH, 2019 – The gold market remains under pressure after wholesale inflation pressures rose sharply last month.
Thursday, the U.S. Labor Department said its Producer Price Index (PPI) rose 0.6% in March, following February’s increase 0.1% ; the data was significantly stronger than expected with economists’ forecasting an increase of 0.3%.
This is the first time in four months that producer inflation beat expectations.
At the same time core PPI, which strips out volatile food and energy costs, increased 0.3% last month, following February’s increase of 0.1%. Economists were expecting to see wholesale inflation rise 0.2%.
However, the gold market is not seeing much reaction to the higher inflation data. June gold futures last traded at $1,301.40 an ounce down 0.94% on the day.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com