Gold Advances As U.S. Inflation Data Release Reduces Fed Rate Hike Concerns

Gold prices climbed sharply as U.S. economic data came in line with expectations, easing concerns about further rate hikes. The move was supported by a decline in the U.S. Dollar Index, which improved demand for the yellow metal after six prior sessions of losses.

Analysis

Gold prices climbed sharply as U.S. economic data came in line with expectations, easing concerns about further rate hikes. The move was supported by a decline in the U.S. Dollar Index, which improved demand for the yellow metal after six prior sessions of losses.