Spot gold price slides to $4,340/oz after August PPI rises 0.4%, core PPI rises 0.2%

The gold market is selling off after the latest data showed U.S. producers saw rising price pressures on balance last month.The headline Producer Price Index (PPI) posted a 0.4% increase in August, following July's upwardly revised 0.1% reading, the U.S. Labor Department announced on Thursday. The latest headline data was in line with expectations, as economists looked for a 0.4% increase.