Gold Rises 0.7% to Reach New Two-Month High

Gold prices rose by 0.7% on Wednesday, reaching $4,473.05 per ounce, marking its sixth increase in seven sessions. This rise was driven by a decrease in expectations for an interest rate hike by the Federal Reserve next month, following the release of inflation data in the United States that showed a year-on-year increase of 3.4%. July's inflation, according to the Consumer Price Index (CPI), was in line with market estimates. The odds of a 25 basis point increase in the rate are at 38%, down from 48% the previous day. In other precious metals, silver rose by 2.5% to $66.26 per ounce, platinum increased by 1.3% to $1,767.70, and palladium gained 2.1% to $1,389.

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