Gold prices surged, reversing the previous session's sharp losses that were triggered by a hotter-than-expected U.S. inflation report. [1, 3, 6, 7, 15] The rally on October 15 is primarily attributed to a pullback in the U.S. dollar from an 18-month high and a decline in U.S. Treasury yields to a three-week low. [1, 12, 20] This reversal occurred as investors reassessed the Federal Reserve's likely response to the inflation data, with expectations for an immediate rate hike moderating. [3, 7, 11] Lower yields reduce the opportunity cost of holding non-yielding gold.