Tevel

World news, in Hebrew and English

Gold Slips Below $4,000 as Strong US Inflation Data Fuels Fed Hike Bets

Rising expectations of a Federal Reserve interest rate hike have pushed gold prices below the $4,000 threshold.

Gold ingot and bar on display at the Banque de France in Paris, 2022
Gold ingot and bar on display at the Banque de France in Paris, 2022 · Photo: Ibex73 · CC BY 4.0 · Wikimedia Commons

Gold prices slipped below the $4,000-per-ounce mark, news agency Reuters and financial outlets FXStreet and FXLeaders reported. The declines came amid strong US inflation data and rising crude oil prices.

According to the reports, the US Personal Consumption Expenditures (PCE) price index indicated persistent inflationary pressures, bolstering market expectations that the Federal Reserve could raise interest rates at its December meeting. The heightened bets on monetary tightening weighed heavily on the precious metal.

Sources: FXLeaders, FXStreet, Reuters

Generated automatically by the Tevel desk and labelled as such.