Gold prices rise amid growing inflation in US

Gold prices turned higher on December 13 after the US government reported that the rate of consumer inflation hit the highest level in nearly 40 years, Report informs referring to the auction data.

As of 09:00 (GMT+4), the price of February gold futures on the Comex New York stock exchange increased by 0.12%, or by $2.2, to $1,787.05 per troy ounce.

There is a positive trend in the gold market, as the precious metal is becoming a preferred store of value in the face of unfolding inflation in the world in general and in the US in particular.

Thus, consumer prices in the US are growing at the highest rates since 1982, by 6.8% per year in November. A month earlier, annual inflation was 6.2%.

These data may also influence the decision on the further monetary policy of the US Federal Reserve, and this will also determine the dynamics in the gold market. The next meeting of the regulator will take place on December 14-15.