Gold prices climb on Friday after U.S. inflation data reinforce market expectations that the Federal Reserve will raise interest rates next week. Korea Times reports spot gold rises about 1.2% to $4,366.69 per ounce by mid-morning EDT, rebounding after earlier declines. NDTV similarly says spot gold jumps about 1.77% to $4,393.
The move follows a volatile recent session: Korea Times notes gold fell nearly 2% on Thursday after U.S. Producer Price Index data matched expectations. After Friday’s Consumer Price Index release, the U.S. Bureau of Labor Statistics reports CPI increased 0.4% in August, after 0.1% in July. Korea Times also cites trader commentary that despite the inflation figures, volatility is relatively muted because a rate hike is already largely priced in, with gold appearing to find a short-term base. Korea Times adds that gold futures edge up slightly, while NDTV also reports silver gains alongside gold.
