Gold bounces over 1% on easing CPI

Markets respond to shifts in inflation and stimulus measures.

By Nadia Elbilassy | @Nadia Elbilassy | 16 May 2024

Market open
  • Gold surged over 1% to $2390 amid speculation of a September rate cut.

  • Copper prices reached a 2-year high on optimism about Chinese stimulus.

  • Brent futures rose 0.4% to $83, while WTI settled at $78.95, driven by potential interest rate cuts.


The dollar took a beating overnight as recent inflation data eased slightly with core CPI rising by 0.3% month-on-month, marking the first deceleration in six months.


Gold prices came through rising to record levels by more than 1%, to $2390, and steadying near $2,388 in Asian trade on increased bets on a September cut.

In other metals, Copper prices hit a 2 year high buoyed by ongoing optimism surrounding additional fiscal stimulus in China and heightened backing for the property market.

Three-month copper futures on the London Metal Exchange climbed by 1% to reach $10,375.0 per ton, while one-month copper futures saw a 1.4% increase to $4.991 per pound.


Oil prices continued their upward trajectory on Thursday, building on gains from the previous session, fueled by the case for a potential interest rate cut, which could potentially stimulate greater consumption.

Brent futures climbed 0.4%, reaching $83.07 per barrel, while WTI saw a gain of 0.4%, settling at $78.94.