Expectations of a hefty US rate rise also took the shine off the metal
A gold sponge is being molten to be converted into bars and bullions at a gold and silver refinery operated by MMTC-PAMP in Nuh, India on August. 31 2022. Picture: ANINDITO MUKHERJEE/BLOOMBERG
Spot gold was down 0.3% at $1,691.63/oz, as of 3.12am GMT, after touching its lowest level since September 1 at $1,689.78 earlier in the session. US gold futures fell 0.4% to $1,702.40. The dollar index edged higher towards recent peaks, as hotter-than-expected inflation data boosted bets for even more aggressive monetary policy tightening by the Fed. Fed funds futures are pricing in a 37% chance that the US central bank will hike rates by 100 basis points at its policy meeting next week.
Meanwhile, IMF chief Kristalina Georgieva said on Wednesday central bankers must be persistent in fighting broad-based inflation.
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