Gold price prediction: XAU/USD soars to above $1,900, a new multi-month high after US CPI

 

Following the publication of the US inflation data, gold prices reach a new multi-month high. The critical US CPI data reinforces wagers on more gradual Fed rate increases and strengthens the XAU/USD. Bulls may be discouraged from making new wagers and capping gains for the metal due to the risk-on drive.

Following the publication of the US consumer inflation data, the gold price reversed an early North American session decline to the $1,873 region and surged to a new eight-month high. The XAU/USD is now trading below the $1,900 level, up more than 1.0% daily, and will continue to rise.

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