(Kitco News) - Gold prices are trading near session lows but is not seeing significant selling pressure even as the Federal Reserve continues to fight an uphill battle against inflation after consumer prices rose more than expected last month.
Wednesday the U.S. Labor Department said its much-anticipated Consumer Price Index rose 0.6% last month, following a 0.2% rise in June. The data was in line with expectations.
However, the report said that inflation in the last 12 months rose 3.7%, up from July’s increase of 3.2%. According to consensus forecasts, economists were expecting to see inflation rise 3.6% for the year. At the same time, the report said that higher consumer prices continue to be embedded in the broader economy as core CPI, which strips out volatile food and energy prices, rose 0.3% last month. Economists were expecting to see a 0.2% increase.
The gold market is struggling in the face of the latest inflation numbers as the market trades near session lows; however, there has not been any significant selloff in initial reaction to the data. December gold futures last traded at $1,932.80 an ounce, down 0.12% on the day.
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