Gold Recovers From Major Selloff

Gold is traded at $1,754.20 on Thursday after hitting a four-month low of $1,677.9 per ounce on Sunday.

Gold has been rallying for the past week, recovering from its recent selloff amid news that inflation is stronger than expected.

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Investors worried about inflation see gold as a possible safe haven. And, indeed, inflation reads came in hotter than expected.

Wednesday’s CPI data proved inflation is here and consumers are consequently paying 5.4% more for goods.

On Thursday, the July Producer Price Index was released. PPI is a measure of producer price inflation and showed nearly 8% year-over-year inflation.

Investors tend to hold gold as a safe haven against inflation.

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