The report shows annual headline inflation reached 3.4% over the last 12 months, a slight deceleration from the 3.5% recorded in June. Core CPI, which excludes volatile food and energy costs, climbed 0.2% last month, edging up from a flat reading in June. On an annual basis, core inflation rose 2.5%, moving down from the 2.6% increase observed previously. Following the data release, spot gold traded at $4,435.58 per ounce, marking a 1.54% gain on the day.
Gold rallies to $4,438 as US inflation cools in line with projections
Spot gold prices surged to a session high of $4,438.30 per ounce on Wednesday following the release of July inflation data. The U.S. Bureau of Labor Statistics reported that headline consumer prices rose 0.1% for the month, confirming that inflationary pressures remain consistent with economist expectations.
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