Gold rises on inflation data amid oil dip
Gold prices rose by more than 1% after the release of U.S. inflation data, which showed a modest increase in consumer prices for July, with a monthly rise of 0.1%. This reduced the likelihood of the Federal Reserve raising interest rates at its upcoming meeting. Spot gold reached levels above $4,416 per ounce, while U.S. futures contracts also climbed to $4,476. The decline in the dollar and falling oil prices supported the precious metal, as the moderate inflation data lessened pressure for monetary tightening, making the prospects of a rate hike less likely—38% compared to 46% prior to the data release.
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