Gold prices, as reflected in the GLD ETF, jumped over 1.5% following the release of cooler-than-expected U.S. Consumer Price Index (CPI) data for June. This development has led traders to scale back expectations for aggressive Federal Reserve interest rate hikes, which is bullish for non-yielding assets like gold. While escalating tensions between the U.S. and Iran are contributing to some market uncertainty and a rise in oil prices, the primary driver for gold's significant move was the shift in monetary policy outlook.