- Gold price fell on Wednesday after the crucial US Consumer Price Index (CPI) report forced investors to scale back their expectations of a larger, 50-basis-points interest rate cut by the Federal Reserve next week.
- The US Bureau of Labor Statistics reported that the headline CPI rose 0.2% in August and the yearly rate decelerated more than anticipated, from 2.9% to 2.5%, marking the smallest increase since February 2021.
- Meanwhile, the core CPI, which excludes volatile food and energy prices, was up 0.3% during the reported month and rose 3.2% in the 12 months through August, matching July's increase and market expectations.
- According to the CME Group's FedWatch tool, the markets are currently pricing in an 87% chance of a 25 bps rate cut at the next FOMC policy meeting on September 17-18 as compared to 71% before the US CPI data.
- Diminishing odds for a more aggressive policy easing by the US central bank push the US Treasury bond yields and the US Dollar higher, which, in turn, is likely to act as a headwind for the non-yielding yellow metal.
- Traders now look forward to the release of the US Producer Price Index (PPI) for some impetus, though the market reaction is likely to be limited amid the prospects for an imminent start of the Fed's rate-cutting cycle.
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