Gold price attempted to recover from the recent losses in the Asian session but later extended the losing streak, trading slightly lower near $1,900 p
er troy ounce during the European session on Thursday. The yellow metal hovers near three-week lows, remaining under pressure possibly due to upbeat Consumer Price Index data from theUS inflation figure for the year-over-year period rose to 3.7% from the previous rate of 3.2%, surpassing the market's anticipated rate of 3.6% for August. Additionally, the monthly core CPI increased to 0.3% from the previous 0.2% for the same month.
The annual core inflation rate remained stable at 4.3% as expected, which was a decline from the previous figure of 4.7%. The inflation report indicates that overall inflation may be moderating, but the Core Consumer Price Index remains relatively stable. US Dollar Index is trimming the losses it made earlier in the session, trading around 104.70 at the time of writing. DXY is experiencing upward support on the back of the improved US Treasury yields. The yield on a 10-year US bond improved to 4.25 by the press time.
Investors seem to accept the odds that the US Federal Reserve may maintain a dovish stance in its September meeting. The market caution could exert pressure on the US Dollar . CME FedWatch Tool indicates a 40% likelihood of a 25 basis points rate increase by the Fed in November. Investors turn cautious about the possibility of such a move as they assess the evolving economic overview andMarket participants await the data releases of the Core Producer Price Index and Retail Sales figures for August from the US.
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