Kitco – Gold prices have pushed into positive territory after inflation pressures have officially hit the Federal Reserve’s target.
Thursday, U.S. Department of Commerce said that its Core Personal Consumption Expenditures Index, increased also increased 0.2% in July, in line with expectations. Annually, core inflation, which is the Fed’s preferred inflation measure increased a tick higher to 2%, up from June’s reading of 1.9%.
This is the first time inflation has hit 2% since 2012.
headline inflation, increased 0.1% last month, in line with expectations. For the year, inflation pressures increased 2.3%.
Gold prices were in negative territory ahead of the data and has pushed into the green in initial reaction. December gold futures last traded at $1,211.90 an ounce, up 0.03% on the day.