Gold Retreats from Six-Week High as Oil-Driven Rate Hike Bets Weigh

Gold prices retreated from their highest point since June 5 after touching $4,450 during the Asian session on Thursday.

The moderate US inflation rate and signs of easing consumer price index (CPI) led to a market reaction that has since faded as investors remain concerned about inflation risks due to volatile oil prices.

Bets for at least one interest rate hike by the end of the year, driven by higher energy prices, have prompted profit-taking and driven flows away from non-yielding bullion.