Gold slips below $4,400 as US PPI awaits
Gold falls below $4,400/oz on Thursday after a ten-week high, with investors taking a cautious stance ahead of US producer inflation data.
Gold slipped below $4,400 an ounce on Thursday after reaching a ten-week high earlier in the session, as investors adopted a cautious stance ahead of US producer inflation data for further insights on recent price trends.
Data released Wednesday showed US consumer inflation eased for a second consecutive month to 3.4% in July, while increasing just 0.1% from the previous month.
Markets now see around a 40% chance of a 25 basis point rate hike from the Federal Reserve in September, down from nearly 50% a day earlier.
Gold also remained under pressure from elevated oil prices as hopes for a deal to reopen the Strait of Hormuz stayed limited.
Escalating rhetoric between the US and Iran amid stalled negotiations further reduced expectations for an imminent agreement.