Spot gold is now up over 0.70% at $2,650 an ounce, hitting a fresh session high following the release of US inflation data. Producer Price Index (PPI) data showed no change on a monthly basis, showing a 0.00% change versus expectations of a 0.10% change. The annual rate rose by 1.80%, with the previous reading revised to 1.90%.
After a period of data release, the price of gold gave up the strong gains recorded, and the rise decreased to 0.53% at the level of $ 2,644 per ounce.
Technical analysis indicates overbought gold.