Gold prices are down on Tuesday morning. The price of gold is trading at $2606.70, up $8.31. The price of silver is trading at $30.90, up 17 cents.
The Consumer Price Index (CPI) report released today showed that inflation accelerated in October, with the year-over-year rate rising to 2.6% from September’s 2.4%. This uptick was in line with economists’ expectations and marks the first increase in the headline year-over-year rate since March 2024. The October CPI print comes on the heels of the Federal Reserve’s decision last week to cut interest rates by 25 basis points, a move that was largely anticipated by market observers.
While inflation has cooled significantly from its peak in 2022, it remains a persistent concern for policymakers and consumers alike. Zerohedge reports that since the Biden-Harris administration took office, overall headline consumer prices have increased by 20.4%, which is nearly triple the pace of price inflation observed during Trump’s first term. This substantial increase in the cost of living has been a major point of contention for voters, despite recent improvements in economic indicators such as wage growth. The Federal Reserve continues to monitor inflation closely as it aims to bring the rate down to its 2% target, with further interest rate decisions hinging on upcoming economic data releases.
Sorce: Bloomberg
