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​Gold prices climbed to their highest level in over two months on Thursday after U.S. Consumer Price Index (CPI) data tempered expectations for an imminent Federal Reserve interest rate hike. Markets remain focused on upcoming Producer Price Index (PPI) figures for additional signals on cooling price pressures.
​Spot gold rose 0.6% to $4,433.62 per ounce after scaling to its highest mark since June 5. U.S. gold futures for December delivery similarly gained 0.6%, trading at $4,493 per ounce. Data from the Bureau of Labor Statistics revealed that annual CPI slowed for the second consecutive month to 3.4% in July, down from 3.5% in June. Following the release, interest rate probability metrics reported by Trading Economics indicated that traders reduced the odds of a September Fed rate hike to 40%, down from roughly 54% a week prior.
​Lower rate expectations generally bolster non-yielding assets like bullion by reducing the opportunity cost of holding them. However, the July CPI figures do not reflect recent crude oil price increases driven by ongoing Middle East maritime attacks and stalled negotiations involving Iran.
​Among other precious metals, spot silver gained 1% to $65.91 per ounce, while market tracking on Mining.com noted platinum edged up 0.3% to $1,762.70 and palladium rose 0.1% to $1,371.20 per ounce.
​Source: Rum Online News Agency