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US Inflation Falls for First Time Since 2020, Gold Surges 2%
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US Inflation Falls for First Time Since 2020, Gold Surges 2%
US consumer prices dropped 0.4% in June, the first monthly decline since April 2020, pushing spot gold up 2.1% and the dollar lower.
- The Consumer Price Index fell 0.4% month-on-month in June, the largest monthly drop since April 2020, the Bureau of Labor Statistics reported, led by a 5.7% decline in energy costs.
- Core CPI, excluding food and energy, was unchanged month-on-month after a 0.2% rise in May; the annual core rate slowed to 2.6% from 2.9%.
- Spot gold rose 2.1% to $4,083.99 per ounce, and the dollar index fell 0.6%, making the metal cheaper for holders of other currencies.
- Federal Reserve Chair Kevin Warsh said the central bank is committed to price stability and does not tolerate persistent high inflation.
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