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US Producer Prices Fall 0.3% in June, Spot Gold Rises to $4,064.90

GateNews
MetalsIndices
According to the U.S. Labor Department, headline Producer Price Index fell 0.3% in June, beating expectations of an unchanged reading, as cooler inflation data boosted gold market sentiment. Spot gold last traded at $4,064.90 per ounce, up 0.33% on the day. Year-over-year, headline wholesale inflation increased 5.5%, below consensus estimates of 6.2%, while core PPI rose 0.2% for the month and 5.1% annually. Federal Reserve Chairman Kevin Warsh said the central bank remains committed to price stability, cautioning that recent data does not signal mission accomplished on inflation control.
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