Gold prices drift lower on signs of bullish US economic growth
Gold prices fell after the dollar moved off intraday lows on signs that fourth quarter economic growth remained solid, cementing investor expectations that the Federal Reserve will raised rates for the third time this year in December. A duo of reports on retail sales and inflation lifted the dollar off lows, pressuring gold prices to retreat from highs as the precious metal remained on track to post a loss for the first time this week. The Labor Department said its Consumer Price Index rose 0.1% last month after jumping 0.5% in September. The uptick retail sales suggested that consumption growth in the fourth quarter remained solid, further strengthening the narrative of an improving US economy. That cemented expectations for a year-end rate hike.
(Source: Investing)
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