Gold price hovering above $1,750 following in line PCE inflation reading

(Kitco News) - The gold market is back above support at $1,750 an ounce and is seeing some modest bullish action as inflation pressures remain elevated for the third straight month.

Friday, the Department of Commerce said that its Core Personal Consumption Expenditures Index, increased 0.3% in August, beating expectations. Annually, core inflation, which is the Fed's preferred inflation measure increased 3.6%, unchanged from July’s.

The gold market is seeing only a little movement in what economists are describing as a relatively in line inflation report. December gold futures last traded at $1,754.10 an ounce, down 0.17% on the day.