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Gold dives and rebounds following CPI report

The immediate reaction in gold to the hotter than forecast US CPI data saw the metal fall immediately. Gold dropped to $2,161.50 as this data hit the screens. It had been on the drift lower ahead of this release and it has now lifted back above $2,175 again just now. The price action is pretty rapid and perhaps on balance this CPI data may not have been hot enough to deter gold buyers at lower levels and that is what seems to have happen just now- buyers scooping up gold on the drops. It is just now trading at $2,176.50 

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