Commodities
Gold Prices Stabilize After Subdued US Inflation Data
Gold prices steadied after reaching a 10-week high following a subdued US inflation report. The data relieved pressure on the Federal Reserve to hike interest rates, causing gold to fall by as much as 1%.
The Consumer Price Index (CPI) data suggested that the impact of energy-price shocks from the Iran war has faded. However, inflation risks still loom large due to negotiations to end the conflict remaining in stalemate.
Gold prices slipped below $4,400 an ounce after the report was released, reversing course from earlier gains on Wednesday.