Gold eyes record high after US inflation data
January inflation in the US remained below expectations. Following the data, gold prices saw a sharp rise in both global and domestic markets.
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The US Department of Labor has released the Consumer Price Index (CPI) data for January. Accordingly, consumer prices in the US rose by 0.2 percent in January compared to the previous month, while annual inflation came in at 2.4 percent. The announced figures remained below market expectations.
Markets had expected monthly inflation to come in at 0.3 percent. In December, the CPI had shown a 0.3 percent increase on a monthly basis. The 2.4 percent rate announced on an annual basis marked the lowest inflation level recorded since May 2025.
Following the inflation data, gold prices began to climb. Spot gold rose back above the 5 thousand dollar threshold, while gram gold in the domestic market saw levels above 7 thousand liras.
SHELTER COSTS STAND OUT
In January, shelter costs increased by 0.2 percent monthly, becoming the most significant component of the rise in the CPI. The shelter index recorded a 3 percent increase on an annual basis.
While food prices rose by 0.2 percent monthly and 2.9 percent annually, energy prices declined by 1.5 percent on a monthly basis and 0.1 percent on an annual basis.
Core CPI, which excludes energy and food prices, increased by 0.3 percent monthly and 2.5 percent annually in January. Core inflation fell to its lowest level since March 2021 on an annual basis. In December, core inflation was at 0.2 percent monthly and 2.6 percent annually.