Gold prices rallied significantly after the latest U.S. Consumer Price Index (CPI) report showed a larger-than-expected decline in inflation. The data has prompted a shift in market expectations, with investors now anticipating fewer interest rate hikes from the Federal Reserve. This macroeconomic development, which makes non-yielding gold a more attractive asset, was the primary driver of the upward price movement. Ongoing geopolitical tensions between the U.S. and Iran are also providing some underlying support for the precious metal as a safe-haven asset.