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- XAU/USD drops to $2,646 after September inflation data suggests progress toward the Fed’s 2% target.
- US 10-year Treasury yield falls five basis points, while the US Dollar Index dips by 0.16% to 100.41.
- Geopolitical risks rise as Israel strikes Lebanon, but Gold fails to gain momentum as traders cash in profits.
Gold fell to a three-day low beneath $2,650 after the US Bureau of Economic Analysis (BEA) revealed that September inflation continued to evolve toward the Federal Reserve’s (Fed) goal. Even though this warranted further easing by the Fed, the golden metal failed to gain traction as analysts speculated that traders were booking profits. The XAU/USD trades at $2,657, down by almost 0.50%.
Earlier, the BEA revealed that the Fed’s preferred inflation gauge, the Personal Consumption Expenditures Price Index (PCE), is slightly closer to the central bank’s 2% target, according to August’s data. Meanwhile, core PCE increased by a tenth of a percentage point compared to July’s data.
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