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Gold Falls Amid Rate Hike Expectations
Gold prices retreated after a two-month rally, due to weak US inflation data which reduced expectations of an interest rate hike by the Federal Reserve. The spot gold price fell by 1.3% to $4,352.23 per ounce, while futures contracts declined to $4,408.09. The market is now focusing on July's producer price index data, which came in below expectations, leading to a reduction in the probability of a rate increase in September to around 34% from 66%. Instead, the likelihood of interest rates remaining unchanged until the end of the year has increased, enhancing gold's appeal as a non-yielding asset amid falling interest rates.
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