Gold reaches two-month peak after inflation data

Gold prices rose to their highest level in more than two months after the release of U.S. inflation data that matched expectations, boosting the likelihood that the Federal Reserve will keep interest rates unchanged in September. Spot gold prices reached $4,406.64 per ounce, up by 0.9%, while futures settled at $4,467.5, with expectations of a lower chance of a rate hike—from around 46% down to 40%. The inflation data showing a slight increase of 0.1% in June supported the case for no rate increase, while markets await the Producer Price Index, scheduled for release on Thursday, for further developments. Additionally, a weaker dollar and technical factors contributed to supporting the rise in gold, although ongoing regional tensions may hinder further movements in the yellow metal in the future.

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