Gold close to one-month high on hopes of Fed nearing end of rate hikes

July 13 – Gold prices advanced to a near one-month high on Thursday supported by a softer U.S. dollar, after U.S. inflation data raised hopes that the Federal Reserve would soon stop tightening its monetary policy.

Spot gold rose 0.3% to $1,962.11 per ounce by 0658 GMT, hitting its highest since June 16. U.S. gold futures gained 0.2% to $1,965.80.

U.S. consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation continued to subside, but probably not fast enough to discourage the Fed from resuming raising interest rates later this month.