New data from the US Labor Department showed headline and core CPI in August rose 0.6% and 0.3% month-on-month, respectively. Economists were expecting increases of 0.6% and 0.2%, respectively.
However, traders’ expectations for the Fed leaving interest rates unchanged at its Sept. 19-20 policy meeting only got stronger after the data, while pricing around a 44% chance of another hike before 2024, according to the CME FedWatch tool. “Precious metal investors are less worried about higher inflation and more focused on the opportunity costs associated with holding a non-interest bearing asset in a rising rate environment,” said Chris Gaffney, president at EverBank World Markets,
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