Gold ounce dropped to around $4,110 on Wednesday, October 14, losing approximately 1.5% after US inflation came in higher than expected at 3.7% year-over-year in September, versus 3.4% in August and a consensus of 3.6%. Consumer prices rose 0.6% month-on-month, driven primarily by gasoline which surged 9.1% in one month and 34.2% over twelve months. The 10-year US Treasury yield climbed to 5.3% and the dollar strengthened by 0.5%, weighing on non-yielding assets such as gold. Markets now see nearly a 50% chance of monetary tightening at the Federal Reserve’s October meeting. Bitcoin also fell by approximately $1,000 to around $82,800 following the release of these figures.
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