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Gold prices are experiencing a modest increase in early trading on Friday in the U.S., following the release of a U.S. inflation report that was slightly better than anticipated. PCE inflation indicator isnup 2.4%, year-on-year, with the core PCE rate up 2.8%. The price of gold is trading at $2615.60, up $21.60. The price of silver is trading at $29.23, up 18 cents.
The recently published U.S. personal income and spending report for November revealed that the key PCE inflation measure rose by 2.4% year-over-year, with the core PCE rate increasing by 2.8%. These figures were marginally lower than expectations and are closely monitored by Federal Reserve officials.
As the trading week comes to a close, there is heightened risk aversion in the market. The Republican-controlled U.S. House of Representatives has rejected a temporary government funding proposal supported by President-elect Donald Trump, increasing the likelihood of a government shutdown tonight. House Speaker Mike Johnson indicated that Republicans will regroup to formulate an alternative plan.
