Gold reaches two-month high after U.S. inflation Data
Gold prices rose to their highest level in over two months after the release of U.S. inflation data that matched expectations, reinforcing the likelihood that the Federal Reserve will keep interest rates unchanged in September. Spot gold increased by 0.9% to $4,406.64 per ounce, surpassing the 100-day moving average, while futures rose to $4,467.5, up by 0.6%. July inflation data showed a slight increase of 0.1% in the Consumer Price Index, reducing the justification for raising interest rates. The market now leans toward a lower likelihood of rate hikes at the upcoming meeting, with continued attention on other indicators such as the Producer Price Index. In addition to gold, the prices of other precious metals like silver, platinum, and palladium also increased.
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