Gold climbs above $4,400 as US inflation meets estimates
Gold rose more than 1% on Wednesday, moving above $4,400 after US CPI data matched expectations and eased pressure on the Federal Reserve.
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Gold traded above the $4,400 mark on Wednesday, recording a gain of more than 1% for the day.
The advance followed US Consumer Price Index data that aligned with estimates. With inflation continuing its downward path, the report eased pressure on the Federal Reserve to tighten monetary policy further.
The move reflects relief in markets as the CPI print supported a less aggressive stance from the Fed.
Source: FXStreet Forex News