Gold hits three week low as U.K. inflation jumps again
BNN Bloomberg
Gold fell to the lowest in more than three weeks as U.K. inflation returned to double digits, intensifying pressure on the government and central bank to act.
Gold fell as much as 0.9 per cent to the lowest since Sept. 28 as data showed U.K. consumer prices in September matched a 40-year high and exceeded economists' expectations. The figures add to pressure on policy makers to lift interest rates significantly, weakening the attraction of non-interest bearing gold.
The dollar has continued to strengthen, rising 0.3 per cent on Wednesday, after a slew of US economic data reinforced expectations of the Federal Reserve's hawkish policy path. The central bank's tightening stance has weighed on bullion this year by pushing up the greenback and bond yields, causing the metal to slide about 20 per cent from a high reached in March.
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