Surprise CPI Drop Propels Gold Prices Towards All-Time Highs

24.07.11 News

Gold futures experienced a significant surge on Thursday, approaching record highs following the release of U.S. inflation data showing a cooling trend. The Consumer Price Index (CPI) reported a 0.1% decrease in June, the first decline since May 2020, which investors interpreted as potential justification for the Federal Reserve to implement interest rate cuts. This unexpected downturn in inflation has bolstered sentiment among those anticipating earlier rate reductions. As a result, August gold futures on Comex rose by 1.8% to $2,421.90 an ounce, nearing the all-time intraday high of $2,454 and settlement high of $2,438.50 set on May 20.

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