Profit-taking drives gold losses
Gold prices declined by more than 0.85% at the start of Thursday's session in the Asian market, losing a key psychological level and falling to around $4,375 per ounce, after having surpassed $4,500 yesterday. This decline is attributed to profit-taking sales, amid expectations of lower US interest rate hikes, as inflation has slowed down twice in a row. The probability of a rate increase in September has decreased to 40% compared to 54% a week ago. The market is now focused on the Producer Price Index data to confirm whether inflationary pressures continue to decline, despite ongoing threats to oil markets and talks with Iran.
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