Gold Tests Two-Month Highs as CPI Cools Yields and Fed Hike Odds

Spot gold climbed to $4,406.20 an ounce, gaining 0.90%, while silver reached $65.140, up 0.89%. Cooler July CPI data trimmed September Fed hike odds to 40% and eased Treasury yields, boosting precious metals. U.S. equities closed mostly higher, but European indices slipped. Headline CPI rose 0.1% month-on-month and 3.4% year-on-year, with core at 0.2% and 2.5%. The 10-year yield settled near 4.68%. Geopolitical risks around the Strait of Hormuz and elevated oil prices (WTI near $83.20, Brent $88.92) complicate full rate-cut pricing. Technically, gold eyes a break above $4,430–$4,492, while silver targets above $66.495.