Commodities
Gold Defies US Dollar Surge Amid US Yield Slide
The price of gold rose slightly on Thursday, gaining around 0.4% to $4,175, as US Treasury yields fell following Wednesday's inflation data.
The Core Personal Consumption Expenditures (PCE) Price Index came in at 3.4% YoY, unchanged and below forecasts of a 3.3% jump.
Despite the rise in gold, the US Dollar Index (DXY) increased by 0.61% to 102.08, while traders now expect a near 70% chance of an interest rate hold at the October meeting.
Minneapolis Fed President Neel Kashkari remained hawkish, calling for additional hikes, while Fed officials stressed patience regarding rate adjustments.