Gold Prices Rise as Cooling US Inflation Raises Hopes of Fed Rate Hike Pause - News18
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Last Updated: July 13, 2023, 02:03 IST New York, United States of America (USA) Spot gold was up 1.3% at $1,957.39 per ounce by 10:49 a.m. EDT (1449 GMT), while U.S. gold futures rose 1.3% to $1,963.00. (Reuters) Gold prices surge as cooling US inflation sparks hopes of a sooner-than-expected halt to the Federal Reserve's rate hike cycle Gold prices jumped more than 1% on Wednesday after signs of cooling inflation in the United States boosted hopes that the Federal Reserve could hit the brakes on its rate hike cycle sooner than previously thought. Spot gold was up 1.3% at $1,957.39 per ounce by 10:49 a.m. EDT (1449 GMT), while U.S. gold futures rose 1.3% to $1,963.00. U.S. consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation continued to subside. In the 12 months through June, the CPI advanced 3.0%, compared with Reuters estimates of 3.1%. “Gold gapped $10 higher on the softer-than-expected CPI print on