Gold prices have declined following the release of U.S. inflation data for August, showing a 0.4% monthly increase and 3.4% annual rise, exceeding expectations. This has strengthened expectations of a Federal Reserve interest rate hike at its upcoming meeting, with the probability estimated between 85% and 90%. Gold prices are currently trading in a narrow range between $4,355 and $4,414 per ounce, under downward pressure due to the prospect of monetary tightening. Prediction markets have also lowered the odds of gold reaching $15,000 by year-end.
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