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Gold sees volatile price action on conflicting US data
As just noted the September US CPI report came in higher than forecast. The annualised rate was at 2.4% and the core rate rose to 3.3%. The immediate reaction to this data saw the dollar rise and gold fall. However, almost instantly the news of the much higher than forecast jobless claims numbers totally reversed the moves. Weekly jobless claims were expected at 230k. They came in at 258k. So, gold initially fell to a new session low at $2,605.25, only to spike immediately higher, towards $2,625. The price action is still rather uncertain as the market tries to extract what is a clear direction following this conflicting data. Gold is currently trading at $2,619.10
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