Gold drops over 1% as hot US inflation data boosts Fed hike bets
US consumer prices increased in September, contributing to expectations of an interest rate hike by the Federal Reserve. Following this inflation data, gold prices fell over 1% for the third consecutive session. The US dollar index also climbed, making gold more expensive for foreign investors. Market predictions indicate a 44% chance of a rate hike in...
Key Takeaways
- US consumer prices increased in September, contributing to expectations of an interest rate hike by the Federal Reserve.
- Following this inflation data, gold prices fell over 1% for the third consecutive session.
- The US dollar index also climbed, making gold more expensive for foreign investors.
US consumer prices increased in September, contributing to expectations of an interest rate hike by the Federal Reserve. Following this inflation data, gold prices fell over 1% for the third consecutive session. The US dollar index also climbed, making gold more expensive for foreign investors. Market predictions indicate a 44% chance of a rate hike in October and a 95% chance in December.
Original Publisher Attribution
This summary was curated from Economic Times.