Gold recently surged above $2,450 per ounce, rebounding after a dip in the previous session. This rise comes as investors assess the latest U.S. inflation data, which showed a decrease to 2.9% in July, below expectations.

While markets are speculating that the Federal Reserve may start reducing interest rates in September, the recent uptick in monthly inflation has tempered expectations of a more significant rate cut due to higher shelter and transportation costs.

Additionally, gold continues to attract buyers as a safe-haven asset amidst ongoing tensions in the Middle East.

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