U.S. Inflation Surprises, Driving Gold Price Above $4,080

The expectations of a U.S. interest rate hike have diminished after inflation data showed a greater slowdown than anticipated, with the annual inflation rate dropping to 3.5% in June. This led gold to rise by more than 2%, reaching around $4,084 per ounce. The data reduced the likelihood of tightening monetary policy in upcoming Federal Reserve meetings, resulting in a weaker dollar and an increase in other precious metals.

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