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Gold drops 1.3% following US inflation data
The price of gold declined by 1.3% to $4,594.84 per ounce after the release of US inflation data, which came in line with expectations. This has fueled further speculation about an interest rate hike at the upcoming meeting. The Personal Consumption Expenditures (PCE) price index showed a year-on-year increase of 3.7% in July, leading to a 0.3% rise in the dollar and increasing pressure on the yellow metal’s price, while other precious metals such as silver, platinum, and palladium experienced declines. Market experts believe that the long-term outlook for the metal leans towards regaining an upward trend and reaching new record levels in the future, although geopolitical tensions—such as the agreement between Iran and Oman regarding the Strait of Hormuz—remain influential factors affecting financial market movements.
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