Commodities
Gold Prices Fall Amid Profit-Taking and Easing Inflation Expectations
Gold prices fell on Thursday in both the Egyptian and global markets due to profit-taking after a strong rally that pushed the precious metal to its highest level in over two months.
The move came after the release of US Producer Price Index data, which provided fresh signals on the Federal Reserve's interest-rate outlook. The headline PPI was unchanged at 0.0% in July, below economists' expectations for a 0.2% increase.
On an annual basis, headline wholesale inflation rose 4.7%, below expectations of 4.9%. Core PPI, which excludes volatile food and energy costs, rose 0.2% in July, below forecasts.