Gold Loses Some Ground As PCE Inflation Picks Up — Market Talk

Gold futures ease back from the three-month highs reached early this week after PCE inflation--a consumer price gauge favored by the Fed--picked up in July. The report was closely watched given its implications for Fed policy. "The metal could continue to benefit from concerns over U.S. debt levels as well as expectations of a Fed hold at its next meeting," Critical Metals CEO Tony Sage says in a note. "However, a hike is still expected at the following meeting, which could fuel some pressure." Front month gold finishes down 0.86% to $4598.20 a troy ounce. Silver drops 0.94% to $67.990 a troy ounce.(anthony.harrup@wsj.com)