Several downtown businesses vandalized overnight – suspect(s) sought - RCMP

(Kitco News) - After a solid overnight rally, rising inflation fears are limiting gold’s recovery Thursday, as higher producer prices show that the growing threat is unlikely to abate anytime soon. The U. S. headline Producer Price Index (PPI) jumped 1.3% in September, following August’s revised 0.5% increase, the U. S. Labor Department announced Thursday. The latest headline data was significantly hotter than expected, as economists had forecast a 0.6% increase. “The September increase is the largest advance since rising 1.7 percent in March 2022,” the report said. Over the last 12 months, headline wholesale inflation increased 6.3%, above the expected 5.3% rise. The report noted that this was the biggest annual increase since December 2022. Core PPI, which strips out volatile food and energy costs, rose 0.7% last month, above economists’ consensus forecast of 0.3% and following August’s upwardly revised 0.3% increase. Annual core PPI rose 5.0%, above consensus estimates of 4.4%. The gold market is holding on to its overnight gains above $4,100 an ounce. Spot gold last traded at $4,151.90 an ounce, up more than 1% on the day.