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FUNDAMENTALS Spot gold was flat at $4,285.31 per ounce, as of 0022 GMT. US gold futures for December delivery were little changed at $4,321.40. US Treasury prices dropped on Wednesday, pushing yields sharply higher after a stronger-than-expected purchasing managers' report. Mounting inflation pressures and a strengthening economy appear to be pushing the Fed towards a rate hike on the eve of critical national elections, with traders piling into bets on a second straight policy tightening in late October. A closely watched measure of US business activity, S&P Global's flash US Composite PMI Output Index, jumped this month to its highest since July 2021, S&P Global reported. The survey's measure of prices paid by businesses for inputs surged to a nearly four-year high. While gold is widely regarded as an inflation hedge, rising interest rates tend to diminish its appeal relative to interest-bearing investments. Iran and the United States remain far apart on how to end their war but diplomacy must continue, a senior Iranian official told Reuters, after Iran's president told the UN General Assembly that Tehran would never surrender to US pressure. US President Donald Trump welcomed Chinese President Xi Jinping to Washington for a three-day visit where the superpowers' tensions over trade, technology and Tehran will play out against a backdrop of pomp and ceremony. Among other metals, spot silver fell 0.6% to $64.08 per ounce, platinum steadied at $1,749.47 and palladium rose 0.2% to $1,261.95. DATA/EVENTS (GMT) 0030 Japan S&P Global Mfg PMI, Comp Op, SVC PMI Flash SA Sep 0645 France Business Climate Mfg, Overall Sep 0800 Germany Ifo Business Climate, Curr Conditions, Expectations New Sep 1230 US Initial Jobless Clm 19 Sep, w/e 1400 US New Home Sales-Units Aug (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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