Gold prices rose despite higher-than-expected US CPI data, supporting Fed rate cut expectations

From Investing.com: 2024-10-11 05:33:00

Gold prices rose despite higher-than-expected US CPI data, with XAU/USD gaining 0.87% after four bearish sessions. CPI rose by 0.2% last month and 2.4% over the past 12 months, exceeding expectations and supporting Fed rate cut expectations. The euro held steady against the USD amidst mixed US economic data, with Jobless Claims exceeding forecasts while inflation ticked up. Bitcoin dropped below $60,000 but found support, facing potential further corrections unless it breaks $66,000 resistance. Major BTC holders sold 30,000 BTC recently, reducing selling pressure. Volatility may rise with upcoming US data releases.



Read more at Investing.com: Gold: Can Yellow Metal Continue to Move Higher After Hot CPI?