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Gold Basically Flat As Headline Inflation Picks Up

Gold futures were flat Wednesday morning as stocks were set to extend their rebound from last week's drubbing.

The latest inflation data released this morning has all but assured a March hike.

The consumer price index jumped 0.5% in January to mark the biggest increase in five months.

While the 12-month rate of core inflation was flat at 1.8%, just below the Fed's 2% target.

Gold was up $2 at $1333 an ounce.

"We are in the process of gradually normalizing both interest rate policy and our balance sheet," Fed Chair Jay Powell said in the text of his ceremonial swearing-in speech in Washington yesterday.

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