Gold prices fell to their lowest levels since early July, following initial efforts to make up for losses after US inflation data gave mixed signals and Federal Reserve officials (Fed) ) hastily celebrated the victory against price pressure. However, high US Treasury yields and fear emanating from China put pressure on XAU/USD.
The US Consumer Price Index (CPI) for July was in line with market forecasts for a 0.2% month-on-month increase. However, year-on-year CPI rose more slowly than expected from 3.3% to 3.2% year-on-year for the month, compared with 3.0% of the previous reading, marking a First annual acceleration in 13 months.
The US Consumer Price Index (CPI) for July was in line with market forecasts for a 0.2% month-on-month increase. However, year-on-year CPI rose more slowly than expected from 3.3% to 3.2% year-on-year for the month, compared with 3.0% of the previous reading, marking a First annual acceleration in 13 months.
