Weaker-than-expected U.S. producer inflation statistics caused gold prices to bounce back after dropping to a low of $2,303.84 per ounce. The unexpected decline in inflation has increased expectations for two rate cuts by the Federal Reserve in 2024, as traders now predict a 50 basis point reduction by the end of the year. This news comes after the Fed's decision to keep interest rates unchanged on Wednesday, along with the release of underwhelming consumer price index data. Silver, palladium, and platinum also saw declines in their prices.