Gold dips below $4,300 amid profit taking

Gold prices declined for the second consecutive day due to a pause in profit-taking, despite recovering after moderate US inflation data and a decrease in expectations for interest rate hikes. The precious metal fell to approximately $4,310 per ounce, down 0.9%, after reaching a 10-week high earlier. The data indicated a reduced impact from energy price shocks resulting from Iran's war in July, which eased pressure on the Federal Reserve to raise interest rates. There is an estimated 33% chance of a rate increase in September, as investors watch Federal ReserveChair's statements regarding future monetary policy. Risks remain of an escalation in the Middle East that could drive energy prices higher and sustain inflationary pressures. Despite gold receiving support from increased investor interest and central bank purchases, persistent high interest rates may weigh on the metal, especially if energy prices begin to rise again.

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