The price of gold experienced an upward shift yesterday following the release of U.S. inflation data that aligned with expectations, boosting investor hopes for a possible interest rate cut by the Federal Reserve in September. During trading, December gold futures increased by 0.6% or $21.10, reaching $3,495.40 per ounce.
The spot price of gold also rose, climbing 0.53% or $19.95 to $3,436.57 per ounce.
In contrast, oil prices declined, although they are still on track for weekly gains.
October Brent crude futures fell by 39 cents, or 0.6%, settling at $68.23 during the trading session, while the more actively traded November contracts decreased by 38 cents, or 0.6%, to $67.60.
West Texas Intermediate futures dropped by 39 cents, or 0.6%, reaching $64.21. Brent crude is expected to see a weekly increase of 0.6%, while West Texas Intermediate is heading towards a weekly gain of 0.8%.
The earlier part of the week saw prices rise following Ukrainian attacks on Russian oil export facilities, compounded by remarks from German Chancellor Friedrich Merz indicating that a meeting between the Russian and Ukrainian presidents would not take place.