Gold prices holding support above $1,800 an ounce following sharp 0.9% rise in U.S. Inflatio

(Kitco News) - The gold market is holding gains and support above $1,800 an ounce as U.S. inflation pressures see a significant rise in June.

Tuesday, the U.S. Labor Department said its U.S. Consumer Price Index rose 0.9% in June, after a 0.6% rise in May. The data significantly beat consensus forecasts as economists were forecasting a 0.5% rise.

“This was the largest 1-month change since June 2008 when the index rose 1.0 percent,” the report said