By OXShare

On Tuesday, there was a significant increase in the value of precious metals such as gold. This was due to the release of the U.S. Consumer Price Index (CPI) for October, which indicated that inflation pressures were decreasing more than anticipated. As a result, there was speculation in the market that the Federal Reserve might not increase interest rates as aggressively as previously expected. The CPI remained the same as the previous month and only saw a slight annual increase of 3.2%, according to the Bureau of Labor Statistics.

The latest inflation data, which shows lower inflation, has caused the dollar to drop in value and Treasury yields to decrease. This has made it less probable for the Federal Reserve to raise interest rates in the near future. Consequently, the price of gold futures on the COMEX division increased by $16.30, closing at $1,966.50 per ounce. In New York, spot gold also rose by 1.1% to $1,967.54 per ounce, achieving the highest increase in a single day since October 27.