Gold eases as Middle East tensions revive inflation concerns
GLD•Other precious metals decline
Spot silver XAG= dropped 1.7% to $56.82 per ounce, platinum XPT= slid 1.2% to $1,654.38, and palladium XPD= dipped 1.5% to $1,294.43.
Inflation data and Fed remarks remain in focus
Elevated energy prices are fuelling inflation concerns, bolstering expectations of higher interest rates and denting gold's appeal as a non-yielding safe-haven asset.
Traders are pricing in about a 51% chance of a rate hike in September, data from the CME FedWatch Tool showed. FEDWATCH/
Fed Chair Kevin Warsh this week declared his determination to bring inflation down without specifically hinting at how.
Meanwhile, data released on Tuesday showed that U.S. consumer inflation slowed in June, prompting spot gold prices to jump more than 2% immediately after the report. Data released on Wednesday also showed a decline in the producer price index.
