Gold jumps as US CPI inflation fuels Fed rate cuts

Gold price trades in positive territory due to the weaker USD on Thursday. The softer US CPI inflation data prompted the hope that the Fed may cut interest rates, boosting the price of precious metals. The Fed’s hawkish remarks might cap gold’s upside; Fed’s Barr, Harker, Mester, and Bostic are set to speak on Thursday. The gold price gains traction amid the weaker US Dollar on Thursday.

On the downside, a breach of the lower limit of the ascending trend channel of $2,345 will pave the way to $2,334 , followed by $2,300 . US Dollar price today The table below shows the percentage change of US Dollar against listed major currencies today. US Dollar was the weakest against the Japanese Yen. USD EUR GBP CAD AUD JPY NZD CHF USD 0.03% 0.02% 0.06% 0.15% -0.18% 0.10% 0.00% EUR -0.03% -0.01% 0.03% 0.12% -0.22% 0.07% -0.03% GBP -0.02% 0.00% 0.04% 0.14% -0.20% 0.07% -0.03% CAD -0.06% -0.

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