The New Indian Express ·
International gold prices fall over 1% as US inflation, oil prices lift rate-hike bets
Gold prices in international markets fell more than 1% on Thursday after stronger-than-expected inflation signals from the US and rising oil prices fuelled expectations of tighter monetary policy by the Federal Reserve.
Spot gold fell 1.2% to $4,349.32 per ounce around 7 pm IST, while US gold futures declined 1.6% to $4,391.30.
US producer prices increased in line with expectations in August, driven partly by a rebound in energy costs. Analysts said the data pointed to some pickup in underlying inflationary pressures in the US economy, with higher energy prices adding to the concerns.
