Gold holds near one-week low as hot US inflation boosts Fed hike bets
Gold prices rose 0.2% to $4,039.07 per ounce in early Asian trade on Wednesday. This increase followed a nearly 3% decline in the previous session due to US inflation data. The data indicated stronger inflation, leading to heightened expectations of a Federal Reserve interest rate hike next month. Traders now believe there is a 100% chance...
Key Takeaways
- Gold prices rose 0.2% to $4,039.07 per ounce in early Asian trade on Wednesday.
- This increase followed a nearly 3% decline in the previous session due to US inflation data.
- The data indicated stronger inflation, leading to heightened expectations of a Federal Reserve interest rate hike next month.
Gold prices rose 0.2% to $4,039.07 per ounce in early Asian trade on Wednesday. This increase followed a nearly 3% decline in the previous session due to US inflation data. The data indicated stronger inflation, leading to heightened expectations of a Federal Reserve interest rate hike next month. Traders now believe there is a 100% chance of an interest rate increase in December.
Original Publisher Attribution
This summary was curated from Economic Times.