Gold slips below $1,700 amid steady US bond yield

From monetamarkets.com

Gold price trades negatively for the second straight day and breaks the $1,700 level. The precious metal remained pressured following the previous session’s rout. Despite, a weakness in the U.S dollar, the yellow metal failed to revive. The market is ripe with an aggressive Federal Reserve’s next move. Investors maintain the distance from the non-yielding asset. U.S. Consumer Price Index (CPI) data, which increased 0.1% on monthly basis in August fuelled the market expectation of a bigger rate hike next week, even bigger than 75bps. Further, the Producer Price Index (PPI) prints lower at 0.1% in August, slight ... (full story)