Gold prices have increased in the global market.

Gold prices rose more than 2 percent in global markets on Wednesday as expectations of a Federal Reserve rate cut strengthened after weak inflation data.

This information emerged in an assessment of the global market situation on Friday (February 13), according to Reuters.

Spot gold prices rose 2.1 percent to $5,022.06 an ounce at 1:30 p.m. New York time on Friday. Gold prices rose about 1.2 percent for the week. The previous day, they fell about 3 percent, which was the lowest in about a week.

US gold futures for April delivery also rose nearly 2 percent to settle at $5,046.30 an ounce.

Market analysts say investors are relieved that the January consumer price index (CPI) came in lower than expected. Independent metals trader Tai Wong said the soft CPI has eased concerns that arose after the strong jobs report, leading to a "relief rally" in gold and silver prices.

According to the U.S. Department of Labor, the consumer price index rose 0.2 percent in January, compared with economists' forecast of a 0.3 percent increase. It also rose 0.3 percent in December.

Data aggregator LSEG said the market is expecting a total of 63 basis points of interest rate cuts this year, the first of which could happen in July. Typically, when interest rates are low, demand for gold as an interest-free asset increases.

The report said that silver prices also rose 3.4 percent to $77.70 per ounce. Although it fell 11 percent in the previous session, silver prices are on track to decline slightly by 0.3 percent on a weekly basis.

Meanwhile, platinum prices rose 3.8 percent to $2,75.93 and palladium prices rose 3.6 percent to $1,674.50. However, both metals are on a weekly loss.