Gold prices pushing higher as U.S. inflation heats up

(Kitco News) - In a delayed reaction, the gold market is seeing renewed bullish momentum as consumer price pressures picked up in March.

Tuesday, the U.S. Labor Department said its U.S. Consumer Price Index rose 0.6% in March, after a 0.4% rise in February. The data was slightly strong than expected. Consensus forecasts were expecting to see a 0.5% rise.

"The March 1-month increase was the largest rise since a 0.6-percent increase in August 2012," the report said.

The report said that annual headline inflation increased 2.6% last month.