Gold price remains under pressure, but largely ignores hotter inflation data as core PCE rises 0.6% in January, annual inflation rises 4.7%
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Friday, the U.S. Department of Commerce said its core Personal Consumption Expenditures price index increased 0.6% last month, up from December's revised reading of 0.4%. Inflation came in hotter than expected, with consensus forecasts looking for a rise of 0.4%. The gold market is largely ignoring the latest inflation data as it continues to see some technical selling pressure. April gold futures last traded at $1,821.10 an ounce, down 0.31% on the day.
According to some economists, the hotter-than-expected inflation data could force the Federal Reserve to aggressively raise interest rates once again. Expectations of higher-for-long interest rates continue to take their toll on gold prices as it heads into the weekend with its fifth consecutive weekly loss.
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