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Gold pulls back from two-month peak
Gold prices declined significantly after reaching their highest level in over two months, following investors' decision to take profits after the previous session's rise, which was driven by inflation data indicating a potential pause by the Federal Reserve in raising interest rates in September. Spot gold fell by 0.5% to $1,330.37 per ounce, while December futures dropped by 0.8% to $1,386.80. The decline is attributed to stable US producer prices and no change in commodity prices, increasing the likelihood of holding interest rates steady next month, alongside escalating geopolitical tensions due to the ongoing naval blockade of Iran. Additionally, other precious metals also declined: silver fell by 0.8% to $23.92, platinum by 1% to $1,700.60, and palladium by 0.3% to $1,303.25, hitting their lowest levels since early August.
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