Gold Prices Fall After US Inflation Data
Gold prices fell more than one percent after U.S. inflation data matched expectations. The report increased market bets on a potential Federal Reserve rate hike.
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Gold fell 1.3% to $4,595.93 per ounce on Wednesday afternoon as U.S. inflation data matched expectations, boosting rate-hike bets. The drop erased part of the gains from Tuesday's push to the highest level since May 14. Higher interest rates typically weigh on non-yielding bullion by increasing the opportunity cost of holding the precious metal.
