Gold falls 1.9% as U.S. consumer prices increase in March
Adam Pike, News Editor
16 Apr 2014, 9:31 a.m.
Gold dropped 1.9% yesterday as economic data suggested the U.S economy is improving. Following last week’s better-than-expected retail sales data, consumer price inflation increased in March fuelling speculation that the Federal Reserve will continue tapering its asset purchase program known as quantitative easing.
Yesterday’s price drop was accelerated by technical selling as the global spot price fell through the 200 day moving average.
Gold for immediate delivery recovered this morning by 0.1% to $1,303.51 per ounce. Silver remains unchanged at $19.607 per ounce, platinum has changed little at $1,439.25 per ounce and Palladium is up 0.4% to $798 per ounce.