Gold declines 1.5% to $4,582

Gold prices dropped by 1.5% to $4,582 per ounce following the release of US inflation data, which came in line with expectations, thereby strengthening the possibility of the Federal Reserve raising interest rates next month. The 3.7% increase in the Personal Consumption Expenditures (PCE) price index over the 12 months ending in July raised the odds of a rate hike from 36% to 40%. This put pressure on gold due to its lack of yield. Despite the decline, experts expect gold to regain momentum and exceed $5,000 per ounce during the year, with the potential to reach new record levels by the second quarter of 2027.

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