Gold Falls Over 1% on US Inflation Data
Gold prices dropped over 1% after robust U.S. inflation data and surging oil prices increased bets for a Federal Reserve rate hike. The stronger U.S. dollar and higher treasury yields further pressured bullion.
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Gold dropped 1% to $4,355.85 per ounce on Thursday afternoon as robust United States inflation data fueled expectations of an interest rate increase. The decline follows a session low of $4,323.78, marking a sharp retreat for the precious metal.
