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The price of gold is reduced by a stronger dollar after a report on U.S. inflation. Consumer prices continued to rise in June, but slightly slowed down compared to the previous month. This was stated in the report submitted to the Department of Labor.
According to the data, the June consumer price index rose a seasonally adjusted 0.3%, which followed an increase of 0.4% in the previous month. Excluding food and energy, the index rose by 0.1% compared to 0.4% in May. Economists predicted a 0.3% growth of the overall index and a 0.2% increase in the benchmark.
In annual terms, the consumer price index rose by 2.1%, which corresponded to an increase in the previous month, and was in line with expectations. Meanwhile, the core CPI rose by 1.9% per annum, the pace slowed slightly compared to May (when the index rose by 2%). Economists had expected an increase of 2.0%,
Also add that the index for personal consumption expenditures, which is the preferred measure of inflation for the Federal Reserve, rose by 1.8% per annum, while the core index (excluding food and energy) rose by 1.5%.
The cost of the August gold futures on the COMEX today dropped to $ 1302.20 per ounce.
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