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Commodities

Gold Prices Stabilize After US Inflation Data Boosts Rate Hike Bets

Guavy AI Editorial Team
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Gold
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Gold prices have recovered from recent losses and are stabilizing after strong US inflation data was released on Friday. The spot price rose by 1.1 percent to $4,363.01 per ounce at 17:40 GMT.

The metal's recovery is seen as a short-term response to the Federal Reserve's expected interest rate hike next week, which has been priced in by markets at around 87 percent, up from 67 percent before the inflation data was released.

Traders are cautious about the market's volatility, with independent metals trader Tai Wong saying that gold is 'recovering rapidly after a brief dip' and finding a short-term base.

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