Gold Price Forecast: XAU/USD plummets amid stronger US CPI-led USD rally – by hareshmenghani Gold Commodities Inflation Fed XAUUSD
Bets for more aggressive Fed rate hikes boost the USD and weigh on the commodity.came under intense selling pressure during the early North American session and dives to a fresh daily low, around the $1,708 area in the last hour.
The US Bureau of Labor Statistics reported that the headline CPI decelerated to 8.3% YoY in August from 8.5% in the previous month. This, however, was slightly above consensus estimates for a fall to 8.1%. Adding to this, the gauge unexpectedly rose by 0.1% in August.
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