Gold Prices Dip Amid Higher US Inflation Data

The price of gold has eased after US Personal Consumption Expenditure data came in higher than economists expected, slightly increasing the odds of the Federal Reserve raising interest rates next month.

According to recent data, the Personal Consumption Expenditure (PCE) inflation gauge rose more than forecasted, which may lead to a September interest rate hike by the Fed. The news has had a slight impact on gold prices, causing them to dip.

The increase in PCE inflation data suggests that the US economy is growing at a faster pace than initially thought, which could prompt the Federal Reserve to raise interest rates to control inflation and slow down economic growth.