Gold hits 1-month high as US inflation falls by more than expected [Video]
|Gold rallied to a one month high on Wednesday, as markets reacted to July’s inflation report.
The monthly CPI inflation report which was released earlier on Wednesday, showed that inflation fell to 8.5% in July.
This comes following a reading of 9.1% in June, and better than the 8.7% markets were expecting.
Earlier in the week, Tesla CEO predicted that inflation had peaked, stating that, “the trend is down, which suggests that we are past peak inflation”.
As of writing, XAUUSD hit a high of $1,807 in today’s session.
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