Gold Prices Fall After August Inflation
Gold prices declined Wednesday after August inflation data came in higher than economists anticipated.
The most-actively traded gold futures fell 1.8% to $1,709.90 a troy ounce, on track for the largest percentage decline since early July.
Analysts say the surprise in inflation data spurred bets that Federal Reserve officials could raise interest rates by another 0.75 percentage point at their meeting next week.
In response, yields on government bonds rose and the U.S. dollar strengthened. Both have already contributed to gold’s 6.2% decline this year.
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