Gold held on to a two-day gain, after a surprise slowdown in US inflation revived expectations for a Federal Reserve interest rate cut this year.
Bullion traded near its highest in a month after the consumer price index, which excludes food and energy costs, rose 0.2% after four months of 0.3% gains. That suggested US officials may have room to ease policy sooner than previously thought.
Treasury yields and the dollar fell after the release, boosting bullion's appeal as it bears no interest and becomes cheaper for most buyers when the US dollar weakens. Swap traders are now fully pricing in a July rate cut again, a change after strong jobs data on Friday saw markets push back expectations for easing to September or October.
Until this news was released, the price of Gold was at the level of $ 2,694
Source: Newsmaker.id
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