Home / TIPS / MTECHTIPS:-Gold nears $1,200, as soft inflation adds support for delayed rate hike

MTECHTIPS:-Gold nears $1,200, as soft inflation adds support for delayed rate hike

MTECHTIPS:-Gold nears $1,200, as soft inflation adds support for delayed rate hike

 Gold futures moved to fresh three month highs on Thursday, as relatively soft U.S. inflation data appeased dovish sentiments for delaying an interest rate hike by the Federal Reserve beyond the end of the year. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded in a broad range between $1,174.50 and $1,191.40 an ounce before settling at $1,187.20, up 7.50 or 0.64% on the day. Gold posted its fifth straight winning session and closed higher for the ninth time in the last 10 trading days. At one point, the precious metal reached its highest level since late-June. Over the last month of trading, gold has gained nearly 7% in value. Gold likely gained support at $1,143.00, the low from Oct. 7 and was met with resistance at $1,204.00, the high from June 1. On Thursday morning, the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) said its Consumer Price Index fell by 0.2% for the month of September, in line with consensus estimates. A month earlier, the reading fell by 0.1% in August. On a year-over-year basis, the headline reading is identical to its level 12 months ago. There were signals throughout the report of weakness in the energy sector, restraining inflationary pressures overall. For the month, energy prices declined by 4.7%, while gasoline prices plummeted by 9.0% in September. The dip in energy prices pulled down transportation costs, which fell by 2.3% on the month.

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