Gold price drops to session lows as U.S. CPI heats up in September

(Kitco News) - Gold prices have fallen to session lows, testing critical support as hotter-than-expected U.S. inflation data reinforces expectations that the Federal Reserve will have to raise interest rates by year-end, increasing the opportunity cost of holding the non-yielding precious metal.At the same time, higher energy prices are becoming embedded in the broader economy, which some economists have said could force interest rates to remain higher for longer.The Consumer Price Index (CPI) rose by 0.6% last month, following August’s 0.4% increase, the U.S. Bureau of Labor Statistics…