Gold Soars as Dollar Weakens Amid Weaker US Inflation Data

The price of gold surged nearly 0.9% on Friday as the US dollar weakened across the board, following softer inflation data that decreased chances for a rate hike by the Federal Reserve (Fed) in September.

The US Dollar Index (DXY) dropped 0.4% to 99.57, with investors trimming Fed-hawkish bets ahead of the meeting.

US inflation data on both the producer and consumer sides eased in July, contributing to the dollar sell-off throughout the week.