Gold fell by 1.4% to $4,590 per ounce, retreating from a recent three-month high. US inflation came in at 3.4% year-over-year in July, lifting the dollar and Treasury yields. Higher interest rates have increased the opportunity cost of holding gold, a traditionally non-yielding asset. Markets have now lowered the odds of gold reaching $15,000 by December to just 2%. Investors will closely watch upcoming Federal Reserve decisions and inflation data for further direction on gold prices.
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