Gold Hits Nine-Week High on Eased Inflation Concerns

The gold price rallied to a nine-week high on Wednesday after the latest US consumer price index (CPI) data eased inflation concerns and reduced expectations of a Federal Reserve interest rate hike.

Spot gold climbed as much as 1.6% to more than $4,439 an ounce, while gold futures surged to the $4,500 level in New York.

The July CPI showed consumer prices rising 0.1% month-on-month and 3.4% year-on-year, both in line with expectations.