Today's Edition
ABU DHABI (ALETIHAD)
Gold prices surged following an unexpected drop in US consumer prices in last month, sparking optimism that the Federal Reserve may begin cutting interest rates in the near future.
The precious metal's value rose by 1.6 percent after the Bureau of Labor Statistics reported a 0.1 percent monthly decline in consumer prices. Notably, this marked the first negative reading in over four years.
Furthermore, a core price gauge, which excludes food and energy costs, increased by only 0.1 percent last month.
This data strengthens the case for a potential Federal Reserve interest-rate cut in September.
