Commodities
Gold Prices Rebound Amid Inflation Concerns
Gold prices (XAUUSD) remained in consolidation after dropping to near $4,300 on Thursday due to higher-than-expected August PPI data and surging oil prices.
The U.S. August PPI data showed a 0.4% month-over-month increase, matching market expectations but higher than the revised 0.1% in July.
Energy prices jumped 4.2% month-over-month, with diesel and jet fuel costs rising significantly, while airfares, hospital outpatient, and inpatient service prices also climbed.
The sharp surge in oil prices was driven by deteriorating conditions in the Middle East, with Brent crude surging over 7% to close at $109.30 and WTI crude rising to $103.94.