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FUNDAMENTALS Spot gold was down 0.1% at $4,349.44 per ounce, as of 0040 GMT. U.S. gold futures for December delivery were down 1% at $4,393.30. Markets are awaiting U.S. producer price index data due on Thursday, with consumer price index data set to follow on Friday. The Middle East war intensified with Iranian-backed Houthis in Yemen launching strikes on several Saudi cities, further embroiling a U.S. ally in the conflict, while U.S. forces hit multiple Iranian oil tankers and Iran targeted a U.S. base in Jordan. Brent crude prices jumped for a fourth straight session. Rising crude prices tend to put upward pressure on inflation, as higher energy costs filter through the broader economy. According to the CME FedWatch Tool, a majority of traders expect the Federal Reserve to raise interest rates at its upcoming policy meeting. Although gold is widely regarded as an inflation hedge, elevated rates weigh on the appeal of non-interest-bearing bullion. Meanwhile, the Bank of England will hold Bank Rate at 3.75% for the rest of the year and through at least mid-2027, according to a Reuters poll of economists who still judge inflation is not strong enough for a majority of policymakers to vote for higher borrowing costs. Among other metals, spot silver was down 0.1% at $65.84 per ounce, platinum rose 0.6% at $1,824.53 and palladium fell 0.2% to $1,345.83. DATA/EVENTS (GMT) 0130 China PPI, CPI YY 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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