Gold is seen as a hedge against inflation, but a Fed rate hike will increase the opportunity cost of holding non-yielding bullion while boosting the dollar.
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Gold prices held on to overnight gains on Thursday, after data showing U.S. consumer price increases slowed in July soothed concerns of an early tapering of economic support.
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Gold prices edged lower on Wednesday, pressured by a stronger dollar and a rise in bond yields, while investors cautiously looked forward to U.S. inflation data that could influence the federal Reserve’s timeline to taper monetary support.
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Gold recovered in the Indian market on August 9 after a steep fall in the previous trading session. International spot prices also bounced back but were trading at a multi-month low hurt by a rise in US bond yields and a stronger dollar.
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