Commodities
Gold Price Tumbles Below $4,600 as US Inflation Data Supports the Greenback
The XAU/USD price has dropped below $4,600 as the US Dollar Index (DXY) consolidated above 99.00.
A cautious market sentiment ahead of the Jackson Hole symposium and hot US inflation figures released on Wednesday have supported the Greenback, limiting precious metals' rallies.
The Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's (Fed) inflation gauge of choice, remained steady well above 2% target, adding pressure on the central bank to tighten its monetary policy.