Gold drops 1.3% after US inflation data
Gold prices declined by 1.3%, reaching $4,594.84 per ounce after the release of US inflation data that aligned with expectations. This increased the likelihood of interest rate hikes in the upcoming Federal Reserve meeting. The data showed that the Consumer Price Index (CPI) rose by 3.7% annually in July, which led to a 0.3% increase in the dollar index and put pressure on the precious metal, with other precious metals also declining. Market experts anticipate that gold prices may see a potential rebound in the long term as investors await statements from Fed officials and shifts in monetary policy.
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