After the CPI release, traders increased their bets that the Federal Reserve will cut rates in September and December.

According to BlockBeats, after the US CPI was released on August 12, traders increased their bets on a rate cut by the Federal Reserve in September, continuing to bet that the Fed will cut rates in September and December.

Spot gold has surged more than $10 in the short term, and the US Dollar Index (DXY) has declined more than 30 points, currently at 98.25.