Gold price dips on strong US consumer inflation data

Shanghai (Sept 15)  Gold prices dipped during Asian morning trading on Friday September 15, as strong US inflation data raised expectations of another interest rates rise this year.

The spot gold price was quoted at $1330.35-1330.75 per oz, down by $2.70 as of 04:46 BST. Trade has ranged from $1,330.35-1,334.35 so far today. In data released on Thursday, US headline CPI inflation was modestly stronger than expected in August, at 0.4% month-on-month (1.9% year-on-year). Core CPI rose 0.2% month-on-month (1.7% year-on-year). The stronger data raised market expectations of a further US interest rates rise this year. "[Gold] was under pressure early in the trading session on the back of some positive economic data.

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