Gold prices edged higher on Wednesday, steered by speculative buying and a pause in the dollar's rally, even as inflation data showed slower progress on easing price pressures, indicating fewer rate cuts into next year.

Federal Reserve's quest to reach its target rates and keep the economy healthy. CBS News' Kelly O'Grady has more on the new data.

As expected by economic forecasters, inflation heated up in October. The consumer price index sped up as expected to a 2.6% year-over-year growth rate in October from September's rate of 2.4%. Inflation had been cooling down for most of 2024.

Annual inflation may have risen in October for the first time in seven months, a sign that price increases might be leveling off after steadily cooling for more than two years

U.S. consumer prices increased as expected in October, and progress toward bringing inflation down has slowed since mid-year, which could result in fewer interest rate cuts from the Federal Reserve next year.