Gold slips 1.2% as investors book profits near $4,500
Business
Gold prices fell 1.2% on Thursday after reaching a two-month high. Investors decided to lock in profits, especially with gold bumping up against the $4,500 resistance level.
Spot gold landed at $4,354.58 per ounce, while US gold futures closed at $4,420.40.
US inflation eases and metals fall
The dip followed fresh US inflation data: the producer price index stayed flat in July and consumer inflation eased slightly to 3.4%.
This made traders less sure about a Federal Reserve rate hike next month (expectations dropped from 40% to 35%).
Other metals like silver and platinum also took a hit, as market experts pointed out that caution was the main driver behind the selloff.