Gold Declines as Traders Trim Bets on Fed Rate Cut After US PPI

Gold slipped as traders trimmed bets on the Federal Reserve cutting interest rates next month, following a pick-up in inflation.

US wholesale inflation accelerated in July by the most in three years, suggesting companies are passing along higher import costs related to tariffs.

Bond yields and the dollar advanced after the data print, sending bullion as much as 0.8% lower. Swap traders now are pricing in about an 85% chance the US central bank will reduce rates in September after fully pricing in the move a day earlier.

Bullion typically benefits in a lower-rate environment as it pays no interest. ...