PRECIOUS METALS | Gold Falls Below $4,400 After U.S. PPI Data

According to Jin10, gold prices fell further after U.S. wholesale price inflation accelerated in August, with New York gold futures currently dropping below $4,400 per ounce. Capital Economics North America chief economist Stephen Brown said the key PPI components that make up core PCE deflator were quite strong in August, which increased the likelihood of a Fed rate hike next week. FedWatch data showed markets were pricing in about a 70% chance of a Fed rate hike next week, up from 60% earlier on Thursday. In U.S. morning trading, gold fell 1.5% to $4,392.90 per ounce under pressure from a stronger dollar and rising bond yields.