US data shows consumer price inflation cooled in July
Bengaluru — Gold prices steadied on Thursday after rising more than 1% in the previous session, as worries of an early tapering in economic support eased after data showed US consumer price inflation cooled in July.
US consumer price increases slowed in July, data showed on Wednesday, though they remained at a 13-year high on a yearly basis, underpinning the Federal Reserve’s argument that inflationary pressures are likely to be transitory. The Fed has made labour market recovery a condition for phasing out its asset purchase programme and raising interest rates.
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