Gold prices remain under pressure as U.S. PPI rises 0.4% in August
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Hopes that inflation in the U.S. has peaked were dashed Wednesday after the U.S. Labor Department said its Producer Price Index rose 0.4% in September, following August’s 0.1% drop; The data was hotter than expected as economists were looking for a 0.2% rise.Core PPI, which strips out volatile food and energy prices rose 0.3%, following August’s rise of 0.4%. The data was in line with market expectations.
Economists pay close attention to producer prices as it is a leading indicator for consumer prices. Traditionally, companies pass on higher costs to their customers. Some market analysts note that the latest inflation data will force the Federal Reserve to maintain its aggressive monetary policy stance through 2023. Markets have largely priced in an other 75 basis point move in November and are starting to expect a 75 basis point move in December.
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