Producers of metals and other raw materials rallied as traders bet moderated consumer inflation would lead to a gentler path of Federal Reserve interest-rate hikes.
The July consumer price data was the "first hint" that U.S. inflation might be slowing but doesn't obviate the need for higher interest rates, said Minneapolis Fed President Neel Kashkari.
The dollar tumbled against other currencies, as foreign-exchange traders backed off bets that the Fed would raise rates by another bumper 75 basis points. That buoyed the prices of dollar-denominated commodities.
Gold futures, which are particularly sensitive to movements in the dollar, added to gains above the psychologically significant $1800-per-ounce level.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-10-22 1649ET
