Spot Gold Surges Past $4,438 per Ounce After July Core CPI Hits 2.5%

US data released Wednesday showed the Consumer Price Index rising 0.1% in July, in line with forecasts, while the annual rate reached 3.4%. Core CPI, excluding food and energy, increased 0.2% month-over-month and 2.5% year-over-year, also matching expectations.

Spot gold hit a fresh session high of $4,438.30 per ounce after the release and last traded at $4,435.58, up 1.54% on the day.

Analysts weighed in on the implications. Chris Zaccarelli said the report, paired with weak jobs data, gives the Fed room to delay rate hikes. Jeffrey Roach noted the energy price drop helped ease inflation, while Bill Adams argued the figures support a Fed rate hold in September.