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The Economic Times

Business

Gold drops over 1% as hot US inflation data boosts Fed hike bets

US Federal Reserve Gold United States Inflation Interest Rates US Dollar

Gold fell over 1% on Wednesday, extending losses for a third straight session, as a stronger-than-expected inflation reading increased US Federal Reserve rate hike bets for this month.

Spot gold dropped 1.7% to $4,086.06 per ounce by 9:03 a.m. EDT (1303 GMT), its lowest since October 7. US gold futures for December delivery fell 1.6% to $4,108.60 per ounce.

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