Future Of British Business
Gold Falls as Traders Weigh Fed Rate Path Amid High Inflation
- US producer prices fell in August from July, but stay elevated
- Bullion to remain on the defensive this year and next: HSBC
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Gold slipped with traders weighing monetary tightening path by the Federal Reserve after economic data pointed to elevated inflation in consumer and producer prices.
A measure of producer-prices fell for a second month in August, although it increased 8.7% from a year ago, Labor Department data showed Wednesday. The print come after hotter-than-expected consumer price data released the previous day and feed into mounting concerns about the breadth and pace of US inflation.