Gold Falls 3% as US Inflation Tops Forecasts
Gold prices dropped nearly 3% after hotter-than-expected US inflation data lifted the dollar and Treasury yields. The stronger inflation report reinforced expectations of a larger Federal Reserve interest rate hike.
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Gold fell 2.8% to $4,021.36 per ounce Tuesday morning after hotter-than-expected inflation data lifted the dollar and Treasury yields. The drop followed a stronger Consumer Price Index print in the United States, which reinforced expectations of a larger interest rate increase from the Federal Reserve.
