World gold price increased slightly after CPI

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Gold prices rose sharply on the back of a fresh US inflation report that showed the pace of growth was not too hot.

Key US economic data released recently showed that the consumer price index (CPI) in December rose 2.9% year-on-year, in line with market expectations, compared to a 2.7% increase in the November report. The core CPI (excluding food and energy prices) rose slightly more than expected, rising just 0.2% compared to a forecast of 0.3% month-on-month.

US stock indexes are expected to open sharply higher in New York trading, supported by more moderate US inflation data.

In overnight news, the Japanese yen rose sharply on fresh speculation that the Bank of Japan will raise interest rates at its monetary policy meeting later next week.

UK consumer prices came in slightly below market expectations, raising hopes of a resumption of rate cuts when the Bank of England meets early next month.

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RBA could still cut rates next month if inflation shows signs of cooling At first glance, Australian economic data released this week would reduce the urgency for the Reserve Bank of Australia to ease policy, said Capital Economics economist Abhijit Surya on January 17. After all, both the unemployment rate and the underutilized labour rate fell last quarter to near multi-decade lows, he added. However, there is a significant risk that the RBA believes the economy can operate with low unemployment without inflation overshooting its target, Surya said. So if the upcoming fourth-quarter CPI data shows that price pressures are indeed cooling, the RBA could start cutting rates as early as next month, rather than in May, as Capital Economics currently forecasts.