Gold falls as hot US inflation data boosts rate bets
Spot gold dropped over one percent following stronger than expected US consumer price data. The inflation reading increased market expectations for a Federal Reserve rate hike.
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Gold fell 1.6% to $4,091.06 per ounce during Wednesday morning trading, extending losses for a third straight session. The decline follows stronger-than-expected inflation data that increased United States Federal Reserve rate hike bets. The drop brings spot prices to their lowest level since October 7.
