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MTECHTIPS:-Gold surges more than 1% above $1,100, amid soft U.S. inflation data

Thursday, January 21, 2016 3:46

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MTECHTIPS:-Gold surges more than 1% above $1,100, amid soft U.S. inflation data

Gold surged by more than 1.5% on Wednesday rising above $1,100 an ounce, as soft inflation data in the U.S. increased the possibility that the Federal Reserve could delay its next rate beyond the first quarter.On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a broad range between $1,087.10 and $1,109.90 an ounce, before settling at $1,106.10, up 16.70 or 1.53% on the session. Volatility in metal trading remained high, as gold posted its third move of at least 1% in a positive or negative direction over the last six sessions. Since moving above $1,110 an ounce earlier this month to reach a nine-week high, gold futures are down slightly by approximately 0.6%. Nevertheless, gold is up nearly 5% since touching down to fresh six-year lows in early-December.Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,162.00, the high from Oct. 29.On Wednesday morning, the U.S. Department of Labor said that its Consumer Price Index (CPI) for all items declined 0.1% in December on a seasonally adjusted basis, slightly below forecasts for a flat reading. The CPI for December also rose by 0.7% on a yearly basis, before seasonal adjustments, extending 0.5% gains from a month earlier. Housing and medical care prices inched up by 0.1% on the month, posting annual increases of 2.1% and 2.6% respectively. As expected, energy prices dragged down the overall index, falling more than 2% in December to end the year 12.6% lower.

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