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CPI report boosts Gold prices!

Gold prices are rallying, with the most-actively traded futures contract adding 2.1% to $1,829.90 a troy ounce

As a reflecting investors’ bets that cooling inflation could prompt the Federal Reserve to slow its pace of interest-rate increases.

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Gold has been battered most of the year, dragged down by the Fed’s aggressive rate-hike campaign

That only boosted both government bond yields and the U.S. dollar. Higher yields reduce the appeal of holding gold, which doesn’t pay interest, and a stronger U.S. dollar makes it more expensive for foreign investors to buy the metal.

  • U.S. energy prices fell 1.6% last month, according to the Labor Department.

The agency’s November CPI report showed energy costs, a key driver of inflation over the past year, falling across most categories since October