US Inflation Data Boosts Gold Price Pressure Amid Fed Rate Hike Expectations

Key summary

Gold prices faced downward pressure after US CPI data for September came in higher than expected at 3.7%, with Core CPI also rising to 2.6%. The market increased expectations that the Federal Reserve might raise interest rates at its October meeting, pushing the dollar and bond yields higher. Meanwhile, oil prices rose following attacks on Saudi Aramco facilities by Houthi forces, adding to global economic tensions. In Thailand, gold spot prices traded around $4,145 per ounce, with local bar gold selling at 65,850 baht.