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Gold hits two-month high
Gold recorded its highest level in over two months, supported by U.S. inflation data that lowered expectations of interest rate hikes by the Federal Reserve. Gold prices rose by 0.6% to reach $4,433.62 per ounce in spot transactions, while futures contracts reached $4,493 per ounce. The data showed the Consumer Price Index had decreased by 3.4% up to July, which boosts the outlook for a reduced likelihood of rate hikes in September to 40% from 54%. This supports demand for gold as a safe haven. Other precious metals also saw gains, especially silver, which reached $65.91 per ounce, as markets await upcoming economic data to assess whether the support for gold will continue, despite geopolitical tensions affecting energy prices.
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