Gold was little changed after nearing a one-month high as signs of lower inflation in the U.S. raised the odds of rate cuts by the Fed as early as September.
Gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as September.Gold was little changed on Thursday as the dollar rebounded, although signs of cooling U.S. inflation cemented hopes for interest rate cuts from the Federal Reserve this year and kept bullion near one-month peak.
The dollar rose 0.1% against its rivals after hitting a multi-month low Wednesday after data showed U.S. consumer prices rose less than expected in April.Meanwhile, Fed Bank of New York President John Williams said that positive news around cooling inflation is not enough to call for the U.S. central bank to soon cut interest rates. Lower interest rates reduce the opportunity cost of holding non-yielding gold.
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