Gold prices jump as US CPI rises 0.9% in March but comes in less than expected

Gold rallied after March U.S. CPI came in slightly softer than economists expected, giving the market more confidence that the Fed could still cut rates later this year. Headline CPI rose 0.9% m/m and 3.3% y/y, versus 1.0% and 3.4% consensus, while core CPI increased 0.2% m/m and 2.6% y/y, reinforcing the view that inflation is not re-accelerating broadly. Spot gold initially jumped more than $10 on the release and was last quoted at $4,775.30/oz, up 0.21% on the day. Analysts are watching $4,800/oz as the immediate resistance level, with price action suggesting the market is still using inflation prints as a catalyst for positioning around the Fed path. Near term, the key driver remains whether softer-than-expected core inflation keeps rate-cut expectations intact and supports momentum through the $4,800 handle. A stronger follow-through would likely need confirmation from yields and the dollar; a failure at resistance could leave gold consolidating despite the headline CPI spike.