Gold prices in the spot market increased by approximately 2% on Saturday, reaching $4,400.06 per ounce. This rise follows recent losses, stabilizing the metal in the short term despite heightened expectations that the Federal Reserve will raise interest rates next week.
However, despite this uptick, the yellow metal has recorded a decline of about 1% since the beginning of the week.
The U.S. Bureau of Labor Statistics confirmed that the Consumer Price Index rose by 0.4% last month, compared to a slight increase of 0.1% in July. Over the twelve months ending in August, the consumer inflation rate climbed by 3.4%, matching the increase recorded in July.
This data reinforces market expectations that the Federal Reserve may move to raise interest rates, which typically impacts gold prices due to the influence of bond yields and the strength of the dollar.
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