Gold gains ----

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FE Team | Published: August 10, 2023 23:07:50

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Gold prices rose on Thursday after data showed US consumer prices increased moderately in July, cementing expectations the Federal Reserve is at the end of its rate hike cycle, reports Reuters.
Spot gold was up 0.3 per cent at $1,920.69 per ounce by 09:27 a.m. EDT (1327 GMT), after rising as much as 0.8 per cent following the release of US data. US gold futures edged up 0.1 per cent to $1,953.40.
The consumer price index (CPI) rose 0.2 per cent last month, matching the increase in June, the U.S. Labor Department said. The CPI advanced 3.2 per cent in the 12 months through July, up from a 3.0 per cent rise in June.
"With CPI continuing to slowly tick lower, that portends less likelihood of the Fed's need to continue to raise interest rates, particularly at the September meeting," said David Meger, director of metals trading at High Ridge Futures.
Elsewhere, silver gained 0.4 per cent to $22.75 per ounce, platinum rose about 1 per cent to $896.82 and palladium jumped 3 per cent to $1,271.99.