Global Gold Prices Rise on Fed Rate Cut Expectations and Slowing U.S. Inflation
Gold prices rose in global markets today amid growing expectations that the U.S. Federal Reserve may move to cut interest rates in the coming period, following inflation data that came in below market forecasts.
Spot gold increased by 0.3% to $3,364.10 per ounce, while U.S. gold futures rose by 1.2% to $3,384.40 per ounce.
Other precious metals showed mixed performance. Silver gained 0.3% to $36.32 per ounce, and platinum rose 0.8% to $1,265.32 per ounce, approaching its highest level in more than four years. In contrast, palladium declined by 1% to $1,069.65 per ounce.
These movements followed the release of U.S. economic data showing that the Consumer Price Index (CPI) rose by just 0.1% in May, below the expected 0.2% increase. The lower-than-anticipated inflation figures have strengthened market bets on a shift toward monetary easing by the Federal Reserve in the near term.
