NEW YORK (Scrap Register): Gold appears to be drawing some of its support from rising inflation concerns, said INTL FCStone.
As of 9:22 a.m. EST, Comex April gold was up $6.10 to $1,239.20 an ounce.
U.S. economic data has been mostly strong the last two days, including a report Wednesday showing U.S. consumer prices rose 0.6% last month. The year-on-year core inflation rate of 2.3% was above the Federal Reserve’s 2% target, INTL FCStone pointed out.
“In the precious-metals space, gold is up…as investors are shrugging off the recent upward trend in the dollar and soaring U.S. equity prices, focusing instead on rising inflation readings and the possibility of additional fiscal measures that could be rolled out by the Trump administration,” INTL FCStone added.