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Gold falls over 2.20% to $4,878 after US inflation rises, Middle East tensions increase, boosting US dollar
Gold (XAU/USD) fell more than 2.20% on Wednesday, trading at $4,878 after a daily high of $5,016. It dropped below the 50-day Simple Moving Average at $4,961 as US yields rose and inflation data reduced expectations of rate cuts. The US Dollar Index rose 0.29% to 99.84, alongside higher oil prices. Israel reported an attack on Iran’s Pars gas field facilities, and Iran threatened strikes on infrastructure, driving WTI up 0.72% to $96.64 per barrel. US Producer Price Index data for February came in hotter than expected, with PPI at 3.4% year on year versus 2.9% in January. Core PPI rose from 3.5% to 3.9% year on ... (full story)
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