Gold rebounded on Friday as investors digested U.S. inflation figures for guidance on interest rate direction after jobs data lowered rate cut expectations.

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Wagers that slowing inflation will allow the Federal Reserve to cut interest rates at least twice this year drove Treasury yields to their lowest levels of the year, adding to the biggest weekly gain in months.

The consumer price index eased in January but inflation was still elevated for many consumer necessities, economists said.

Inflation kicked off the year on a cooler note, slowing to the lowest levels seen since May 2025. Moreover, everyday expenses such as food, gasoline and housing also showed signs of cooling. The cooler 2.

January’s US inflation report delivered a moderately positive signal for financial markets. Consumer prices rose 0.2% MoM and 2.4% YoY. Core inflation rose 0.3% MoM and 2.5% YoY.

The January CPI report showed cooling inflation, a key factor in whether the Federal Reserve resumes interest rate cuts. Follow along with our live coverage here.

Slowing gains in the cost of services are likely to bring a softer inflation print for last month, economists project. Yet it is too soon to expect that to change the Federal Reserve’s thinking on interest rates.

WASHINGTON (AP) — A key measure of inflation fell to nearly a five-year low last month as apartment rental price growth slowed and gas prices fell, offering some relief to Americans grappling with the sharp cost increases of the past five years.

Millions of Americans braced for runaway inflation in response to President Donald Trump's aggressive import tariffs. They're still waiting.