Last week, gold prices continued to consolidate around their 50-day and 200-day moving averages, remaining above the support level at $1,760 per ounce. The metal closed the week at $1,784.80 per ounce. Inflation is now running at over three times the Federal Reserve’s inflation target of 2%. The Washington Post reports, “Prices rose at the fastest pace in nearly 40 years last month, increasing 6.8 percent over the same period a year ago, as inflation continues to squeeze households and businesses nationwide and complicates the political environment for Congress and the White House. “Consumer price index data released Friday by the Bureau of Labor Statistics showed that prices rose 0.8 percent in November compared with October, with inflation spreading further throughout the economy, including to areas that had not been as affected by the coronavirus pandemic. “The November data marked the largest 12-month increase since June 1982, during a period when inflation was more of a scourge on daily life than most millennials have ever known.” With gold at these support levels, it may be an opportune time for investors to increase their allocations. Rick Andrews is president of Avant Capital Management.