Gold prices holding above $1,800

Gold prices are holding gains above $1,800 but is struggling to gain some bullish traction as consumer price pressures rise more than expected in December.

Wednesday, the U.S. Labor Department said its U.S. Consumer Price Index rose 0.5% in last month, after a 0.8% rise in November. The data beat consensus forecasts as economists were forecasting a 0.4% rise.

For the year, the report said that headline inflation rose 7.0%. Annual inflation rose in line with expectations. The report said that inflation is at its highest level since June 1982.

Meanwhile, core CPI, which strips out food and energy costs, increased 0.6% in December, up from a 0.5% increase in November. Economists were expecting to see an increase of 0.5%.

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