Forex
Gold Price Slumps Below $4,600 as US Inflation Supports Greenback
The gold price has dipped below $4,600 as the US Dollar Index consolidates above 99.00, according to recent data from FXStreet.
A cautious market sentiment ahead of the Jackson Hole symposium and hot US inflation figures have provided some support to the US Dollar and limited precious metals' rallies.
The Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's (Fed) inflation gauge of choice, remained steady well above the 2% target on Wednesday, adding pressure on the central bank to tighten its monetary policy.