From Kitco.com….
In a delayed reaction, the gold market is seeing renewed bullish momentum as consumer price pressures picked up in March.
Tuesday, the U.S. Labor Department said its U.S. Consumer Price Index rose 0.6% in March, after a 0.4% rise in February. The data was slightly strong than expected. Consensus forecasts were expecting to see a 0.5% rise.
“The March 1-month increase was the largest rise since a 0.6-percent increase in August 2012,” the report said.
The report said that annual headline inflation increased 2.6% last month.
Stripping out volatile food and energy prices, core inflation rose 0.3%, also coming in higher than expectations. Economists were expecting to see a 0.2% rise.
For the year, core CPI rose 1.6%, the report said.
