# Gold hits two-month high above $4,400 as US CPI cools rate hike fears

2026-08-12T00:37:47+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 2 independent outlets

Gold rose to a two-month high above $4,400 an ounce after July US CPI inflation came in at 0.1%, matching estimates and convincing traders the Fed will keep rates on hold in September. Spot gold hit $4,406.64, up 0.9% on Wednesday, before easing to $4,410. The chance of a September rate hike dropped to 40% from 46% before the data, according to the CME FedWatch tool. The rally is supported by renewed investor buying. Global gold ETF holdings added 22 tonnes in early August, while China's central bank extended its buying streak to 21 months. Analysts say the breakout above the 100-day moving average shows gold is breaking out of its downtrend since March. Silver is outperforming gold, up 13% in August, but profit-taking risks are rising. Attention now shifts to Thursday's US producer price index (PPI).

## Coverage

- livemint.com <https://www.livemint.com/market/gold-climbs-above-4-400-as-traders-turn-focus-to-us-inflation-11786410162796.html>
- timesofindia.indiatimes.com <https://timesofindia.indiatimes.com/business/india-business/gold-price-prediction-today-india-where-is-gold-silver-rate-headed-on-august-12-2026-mcx-gold-futures-outlook-us-iran-war-middle-east-tensions/articleshow/133172731.cms>
- livemint.com <https://www.livemint.com/market/gold-rises-to-over-two-month-peak-as-us-inflation-data-dampens-rate-hike-bets-11786560770348.html>

Tags: commodities, Federal Reserve, gold, inflation, US economy
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