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Gold slips as the dollar firms after cooler US price data
XAU/USD was down 1.0% near $4,365, with US Treasury yields easing as markets trimmed hawkish Fed expectations after July PPI fell to 4.7% year over year.
Gold prices fell on Thursday, with XAU/USD trading around $4,365, down 1.0% after the US dollar trimmed earlier losses and steadied near the 100.00 level on the US Dollar Index, according to FXStreet.
The move followed July Producer Price Index data showing disinflation continues. US PPI eased from 5.5% to 4.7% year over year, while core PPI, excluding food and energy, rose 4.2% year over year versus 4.7% in June.
FXStreet said Treasury yields edged lower as traders reduced their hawkish bets on the Fed. The US 10-year yield was down four basis points to 4.647%, while US jobless claims rose from 200K to 209K in the week ending August 8, exceeding forecasts for 202K.
Looking ahead, FXStreet noted gold is consolidating below the $4,400 area, with further focus on Friday’s US retail sales and University of Michigan consumer sentiment releases. The outlet also flagged that gold’s Relative Strength Index was moving toward the neutral 50 level, suggesting waning buying momentum.
Latest closeGold $4,467.10 ▲1.9%|Dollar index 99.99 ▲0.2%