Gold price fell as the dollar strengthened after US inflation data. The consumer price index (CPI) rose 3.2% in the 12 months to July 2023, the smallest increase since March 2021. The dollar's decline made gold more appealing.
However, rising US 10-year bond yields limited gold's potential gains. Gold is affected by US interest rates, which impact the opportunity cost of holding non-yielding assets.
However, rising US 10-year bond yields limited gold's potential gains. Gold is affected by US interest rates, which impact the opportunity cost of holding non-yielding assets.
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