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(Wallace Refiners)Â – The gold market is holding near its session lows and testing support just above $1,700 an ounce even as inflation pressures continue to increase.
Friday, the U.S. Labor Department said its Producer Price Index (PPI) rose 0.5% in February following January’s rise of 1.3%; the data was stronger than expected with economists’ forecasting an increase of 0.4%.
Core PPI, which strips out volatile food and energy costs, rose 0.2% last month, following January’s increase of 1.2 The data was in line with expectations.
The gold market is not seeing much reaction to the latest inflation data. April gold futures last traded at $1,703.20 an ounce, down more than 1% on the day.
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