Commodities
Gold Price Plunges as High Inflation Fuels Fed Rate Hike Bets
The gold price dropped below $4,600 as high US inflation supported bets that the Federal Reserve would raise interest rates. The Core Personal Consumption Expenditures (PCE) Price Index for July came in line with estimates and matched June's reading of 3.3% YoY.
The data increased the chances for a rate hike by the Fed, towards the end of 2026, according to Prime Terminal. The odds stand near 77% for a December increase.
US Durable Goods Orders doubled June's print of 0.5%, coming in at 1.1% MoM and exceeding forecasts.