Gold Reaches Two-Month High as Supermicro Surges on Earnings

Markets saw a mixed bag of results on Wednesday as investors digested softer-than-feared US inflation data, developments in artificial intelligence, and corporate earnings. Gold reached its highest level since June 5 after inflation matched expectations, while Bitcoin weakened despite easing rate-hike bets.

Gold rose by 1% to $4,412.68 per ounce, with US gold futures settling 0.73% higher at $4,473. The July consumer price index came in line with forecasts, matching economists' predictions following June's 0.4% decline. As a result, traders reduced the probability of a September rate hike to around 40%, down from 46% before the data.

Bitcoin traded below $63,300 despite inflation data that broadly supported expectations for a steady Federal Reserve policy. Analyst Rekt Capital warned that repeated rebounds from the $63,000 level have continued to weaken, with support progressively weakening at each bounce.

Super Micro Computer shares jumped 19% in trading after delivering stronger-than-expected earnings and an upbeat outlook. The company reported quarterly adjusted earnings of $1.70 per share, with revenue nearly doubling to $11.1 billion from a year earlier. Management also secured more than $60 billion in new orders during the June quarter.