Gold Advances as Traders Mull Fed Rate Cut Bets After US Data

Gold snapped a sixth-day decline as traders mulled the size of the Federal Reserve’s interest-rate cuts for the rest of the year following mixed inflation and labor data in the US.

Underlying US inflation rose more than forecast in September, representing a pause in the recent progress toward moderating price pressures. The so-called core consumer price index — which excludes food and energy costs — increased 0.3% from August and 3.3% from a year ago. Meanwhile, applications for US unemployment benefits rose last week to the highest in over a year, reflecting large increases in Michigan, as well as states affected by Hurricane Helene.