The latest data on US inflation provoked a large increase in gold - by almost $ 40 in just a day.

Price pressures reportedly accelerated to 5.4% y / y in September, which is above what the market expected.

According to Edward Moya, senior analyst at OANDA, the likelihood of a rate hike increased after analyzing such a report. This means that persistent inflation will force the Federal Reserve to pursue a more aggressive policy.

In addition, the minutes of the September Fed meeting indicated that the central bank intends to reduce bond purchases as early as mid-November or mid-December, and complete it in mid-next year.

And since economic recovery will continue, a gradual transition process that ends around the middle of next year is more appropriate.

Gold remained virtually unchanged and traded near daily highs after the publication of the minutes.