As a result of dismal UK inflation statistics and some greenback retreat, gold prices increased on Thursday in Asian trading, reaching a high that hasn't been seen in more than two months.

Spot gold advanced by 0.4% to $1,984.68 per ounce, meanwhile gold futures added 0.4% to $1,987.25 per ounce.

The anticipated $2,000 per ounce mark was now just $15 away for the yellow metal.

On Wednesday, UK consumer inflation data came in below expectations, fueling speculation that the Bank of England was nearing the end of its cycle of rate hikes. The figures came after a similar drop in U.S. inflation the previous week, which increased wagers that the Federal Reserve was also getting close to reaching its year-end peak interest rates.

Eyes are on the Fed’s rate trajectory will be determined the upcoming week; the Fed meeting, a rate increase of 25 basis points is predicted, was the main topic of discussion in the metal markets.