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Markets were waiting for US inflation data, which came in better than expected.
Inflation in the US, as measured by the Consumer Price Index (CPI), surged to 6.2% on a yearly basis in October from 5.4% in September, the US Bureau of Labor Statistics reported on Wednesday, surpassing the market expectation of 5.3% by a wide margin. The annual Core CPI, which excludes volatile food and energy prices, rose to 4.6% in the same period, compared to the market expectation of 4%.
According to the latest report from the US Department of Labor (DoL), there were 267,000 initial claims for US unemployment benefits in the week ending on the 6th of November. That was 2,000 more than expected, but down 4,000 from the week prior and, according to the DoL, “is the lowest level for initial claims since March 14, 2020 when it was 256,000”. Last week’s initial jobless claims number was revised higher to 271,000 from 269,000.
Gold prices turned around 1% on Wednesday after data showed US consumer prices rose more than expected in October while boosting demand for the precious metal as a hedge against inflation.
And the price of gold in spot transactions increased by 0.8 percent to record $ 1846.51 an ounce by 13:56 GMT, although it initially declined by about 0.5 percent.
US gold futures rose 1.1 percent to $1,851.40 an ounce.
The Turkish lira is heading during these moments of trading today, Wednesday, towards hitting a new record low, coinciding with the rise in the strength of the dollar, passing through the pressures it has been experiencing during the past weeks.
