8.12.26 - Gold and silver rise once again

8.12.26 - Gold and silver rise once again

Gold last traded at $4,402 an ounce. Silver at $65.16 an ounce.

Gold rises to over two-month peak as US inflation data dampens rate hike bets -CNBC

Gold rose on Wednesday to a more ​than two-month high, supported ​by a softer dollar ​after a U.S. inflation reading matched expectations, bolstering bets that the Federal Reserve will keep rates on hold in September.

Spot gold rose 1% to $4,409.35 an ounce, ‌and climbed above the 100-day moving average, which ⁠is currently at $4,387.28. Bullion scaled to its highest level since June 5 earlier in the session. U.S. gold futures rose 0.6% to $4,466.80.

U.S. consumer inflation increased slightly in July, potentially weakening the argument for an interest ‌rate hike from the Fed next month. It edged up 0.1% last month, on par with estimates, after dropping 0.4% in June.

"The CPI ​data has been encouraging. It was higher than last month, but it was in line with estimates, along with a weaker dollar and technicals which have all helped gold piggyback on it," Marex analyst Edward Meir said.

The ⁠U.S. dollar index edged lower, making dollar-priced bullion more affordable for buyers overseas.