Inflation in the US has become a complex issue.

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Inflation in the US has become a complicated issue for the gold market. Rising consumer prices have forced the Fed to maintain a neutral monetary policy, keeping interest rates unchanged until 2025, increasing the opportunity cost of holding gold. However, high inflation also increases the risk that the US could fall into recession, which is supporting safe-haven demand for the precious metal.

On the other hand, a weakening labor market has economists predicting that the Fed will cut interest rates again this month despite high inflation to complete the other half of its mission.

Specifically, the number of weekly unemployment benefits in the US increased by 27,000 compared to the previous week, to 263,000, higher than the market forecast of 235,000. Today's jobless claims report is in the group of monetary policy dovish, who want to see the US Federal Reserve (Fed) cut interest rates more aggressively.

Meanwhile, annual US inflation, as measured by the consumer price index (CPI), increased in August, to 2.9% compared to the same period last year. This is the highest level since January and up from 2.7% in the July report.

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