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Inflation Shifts Markets Gold Up Stock Rise
Markets experienced a rise in gold prices as US economic data showed signs of improvement, with the precious metal reaching its highest level in over two months. Spot gold traded at $4,433.62 per ounce, while futures climbed to $4,493. The increased demand followed inflation data indicating a decline for the second consecutive month, with the Consumer Price Index at 3.4% over the 12 months ending in July, down from 3.5% in June. Expectations for a Fed rate hike decreased to 40% from 54% a week ago, boosting gold’s appeal. Meanwhile, oil prices fell significantly, with Brent crude dropping to $87.69 and West Texas Intermediate slipping to $81.97, amid expectations of a slowdown in global demand, despite supply restrictions remaining unchanged.
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