Gold Hits 2-Mth High, $2,000 In Sight As Inflation Cools

  • Posted on July 20, 2023
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  • By FC Team
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Gold prices rose in Asian trade on Thursday, hitting an over two-month high as weak UK inflation data fed more bets that global interest rates were close to peaking, while some weakness in the dollar also helped.The yellow metal was now about $15 away from the coveted $2,000 an ounce level.UK consumer inflation data missed estimates on Wednesday, spurring bets that the Bank of England was close to ending its rate hike cycle. The reading followed similar declines in U.S. inflation seen last week, which ramped up bets that the Federal Reserve was also close to hitting peak interest rates for the year.Spot gold rose 0.4% to $1,984.68 an ounce, while gold futures rose 0.4% to $1,987.25 an ounce by 00:28 ET (04:28 GMT). Investing.com

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