Gold Surges Amid Easing Rate-Hike Bets, Supermicro and SpaceX Soar
Gold prices reached their highest level in over two months after US consumer inflation came in line with expectations, reinforcing hopes that the Federal Reserve will leave interest rates unchanged in September. Spot gold gained 1% to $4,412.68 per ounce, while US gold futures settled 0.73% higher at $4,473.
The softer-than-expected inflation data reduced the probability of a September rate hike to around 40%, down from 46% before the report. This development was in line with economists' forecasts following June's 0.4% decline.
Meanwhile, Bitcoin weakened despite easing rate-hike bets, trading below $63,300 after inflation data broadly supported expectations for a steady Federal Reserve policy.
However, market participants remained cautious about Bitcoin's technical outlook, with analyst Rekt Capital warning that repeated rebounds from the $63,000 level have continued to weaken. Super Micro Computer shares jumped 19% in trading after the AI server maker reported quarterly earnings that exceeded Wall Street expectations and issued stronger-than-anticipated revenue guidance.
SpaceX shares also rose about 9% after CEO Elon Musk presented an ambitious vision for artificial intelligence during an employee meeting, helping the stock recover above its IPO price. Musk argued AI could soon become the company's largest source of revenue, potentially significantly increasing its valuation.