Gold falls from two-month peak amid US inflation data
Gold prices have risen by more than 8% since the beginning of August, following a decline in expectations for an American interest rate hike. The price reached its highest level in over two months before pulling back today, Thursday, as investors paused from profit-taking. The rally halted after prices surged on weaker US inflation data, as markets await producer price index figures that will determine the future path of interest rates. The odds of a rate hike in September have decreased compared to earlier levels. Meanwhile, geopolitical developments between the United States and Iran continue to support demand for the precious metal.
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