Gold Prices Soar Amid Easing Inflation Expectations

Gold prices have reached their highest level in over two months following a decrease in expectations of a Federal Reserve interest rate hike. The US consumer price inflation data was released, showing reduced pressure on the Fed to raise rates soon.

The spot gold rose by 0.6 percent to $4,433.62 per ounce and US gold futures for December delivery also climbed 0.6 percent to $4,493 per ounce. This is the highest level since June 5.

Other precious metals are also on the rise. Spot silver increased nearly 1 percent to $65.91 per ounce, reaching its highest level since June 22 in the previous session. Platinum rose by 0.3 percent and palladium gained 0.1 percent.