Gold Edges Up as US Inflation Data Boosts Rate Cut Expectations
The price of gold increased earlier this week after the latest inflation data reinforced expectations of the Fed reducing rates of interest. Spot gold saw its price hit $3,347.34 per ounce, representing a .1% increase. The U.S. dollar index slipped 0.3% while Treasury yields edged lower as investors positioned for potential policy easing. The greenback saw its value decrease, which made bullion cheaper for holders of other currencies. U.S. gold futures for December delivery saw the price drop to $3,399 per ounce, which equates to a 0.2% decline. The Consumer Price Index (CPI) increased by 0.2% in July after recording…