Gold Prices Plunge Amid Rising Inflation Expectations

The gold market took a hit after the latest Consumer Sentiment survey from the University of Michigan reported a final reading of 48.1 for September, which was slightly better than the preliminary reading but still below August's final reading of 51.7.

Spot gold sold off sharply following the data release and last traded at $4,265.30 per ounce, down 0.20% on the day.

The survey showed a sharp rise in year-ahead inflation expectations, which jumped from 4.0% last month to 4.6%, the highest reading since June.