Gold prices extended gains after signs of slowing inflation in the United States boosted hopes that the US Federal Reserve will end its interest rate hike cycle sooner than previously thought. Spot gold rose 0.5 percent to $1,942.19 an ounce. U.S. consumer prices rose slightly in June, recording the smallest annual increase in more than two years as inflation continued to decline. Over the year leading up to June, the consumer price index rose 3 percent, compared with a Reuter’s estimate of 3.1 percent. U.S. gold futures rose 0.5 percent to $1,947.30.
Source (Alkhaleej Emirati Newspaper, Edited)
