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Gold Soars on Weaker-Than-Expected US Inflation Data

Guavy AI Editorial Team
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USD
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Gold prices surged on Thursday, buoyed by US inflation data that fell short of market expectations. This development has diminished the likelihood of an interest rate hike this month, a prospect that had been weighing on gold's appeal.

The precious metal rose in spot transactions by 0.6% to $4,183.22 per ounce by 11:51 GMT. US gold futures for December delivery also increased by 0.6% to $4,212.80, according to Reuters.

Commodities analyst Nitesh Shah at Wisdom Tree attributed the weaker-than-expected inflation data to a decrease in some expectations related to raising interest rates.

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