Gold Surges as US Inflation Data Hits Expectations

The latest Consumer Price Index (CPI) report showed that US inflation pressures cooled in line with expectations last month. The headline CPI rose by 0.1% in July, following June's -0.4% decrease.

Annual headline inflation increased by 3.4% over the last 12 months, matching economists' forecasts and below June's 3.5% reading.

The core CPI, which strips out volatile food and energy prices, rose by 2.5% annually in July, also in line with expectations.

Spot gold spiked above $4,438/oz following the release of the inflation data, reaching a fresh session high of $4,438.30 per ounce.