Gold Prices Plummet on Rising Inflation

Gold prices have retreated to $4,590 per ounce after a recent three-month high, dropping by 1.4% in response to rising US inflation figures for July.

The year-over-year rate of 3.4% has boosted the dollar and Treasury yields, increasing the opportunity cost of holding gold as a non-yielding asset.

Market pricing suggests that the likelihood of gold reaching $15,000 by December is now at a low 2%, with current sub-market odds against it.

Investors are closely monitoring upcoming US inflation data releases and Federal Reserve policy decisions, which could further influence gold pricing trends.