Gold Prices Slide Below $4,600 as Yields and Dollar Firm

Gold prices slipped below $4,600 an ounce as Treasury yields and the U.S. dollar firmed up after hotter-than-expected PCE inflation data was released.

The July PCE rose 0.2% on the month and 3.7% from a year earlier, above the 3.6% consensus year-over-year estimate.

As a result, investors took profits in precious metals, pushing gold down 1.42% to $4,591.70 an ounce and silver down 0.78% to $68.00 per ounce.

The data mix left the market less willing to extend the post-buyback bond rally, with two-year yields moving above 4.22% and the 10-year yield settling above 4.66%.