US inflation boosts dollar, affects gold
U.S. inflation data for July confirms that inflation rates remain high, with the Personal Consumption Expenditures (PCE) index increasing by 3.7% over the year, surpassing expectations which had forecast a slowdown to 3.6%. The index also rose by 0.2% month-over-month, exceeding forecasts. This ongoing inflationary trend increases the likelihood of an interest rate hike at the Federal Reserve meeting scheduled for September, with the probability of a rate increase rising to about 40% from 36% before the data was released. The dollar's rise, driven by expectations of a rate hike, has caused gold prices to drop by more than 1%, falling to around $1,593 per ounce amid expectations that profit-taking will continue ahead of additional inflation data.
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