Gold prices rose near a one -month high after encouraging US inflation data, as well as benefiting from the weakening USD and US bond yields.
At the start of the Asian session, the precious metal traded higher at $ 1,793 an ounce after jumping 2% in the previous session. Gold futures were down slightly at $ 1,792 an ounce.
The US consumer price index (CPI) showed an increase in September, amid rising consumption and supply constraints, putting pressure on the Biden administration and the Federal Reserve (Fed) to resolve supply chain disruptions that have burdened economic growth.
The minutes report of the FOMC meeting showed the readiness of Fed policymakers to begin reducing its monthly asset purchases soon, as discussed during the meeting earlier.
However, the US dollar showed the opposite reaction as it continued to trade depreciating in line with the decline in US 10 -year bond yields.
This in turn provides an opportunity for the yellow gold metal trade to soar higher in the New York session.
