US inflation surprise lights fire under gold price

ArticleDeflationFebruary 19, 2018 - 6:09:51 AM

As a result of higher than expected inflation, the gold market is rising and investors are rushing into physical gold.

Gold on Wednesday enjoyed its best trading day since June 24, 2016 when financial markets were shocked by Britain voting to leave the European Union.

The most active gold futures contract on the Comex market in New York touched a high of $1,358.60 an ounce in midday trade, up more than 2% or nearly $30 an ounce compared to Tuesday's settlement after inflation data in the US came in higher than expectations. Volumes were massive with 39.4m ounces of April delivery gold traded by mid-afternoon...

Source:mining.com

On the same subject