Gold prices rose sharply on Thursday as the dollar tumbled after data showing a smaller than expected increase in U.S. consumer prices in the month of October helped increase optimism the Fed will slow down the pace of interest rate hikes as early as next month.
The Labor Department's data showed the consumer price index rose by 0.4% in October, less than expected increase of 0.6%. The annual rate of growth in consumer prices also slowed to 7.7% in October from 8.2% in September.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.