Gold sharply drops in price due to accelerating inflation in the US

Gold prices are dropping sharply on Wednesday amid a strengthening dollar, driven by a more pronounced than expected acceleration of inflation in the US.

This is evidenced by data from the Comex exchange.

As of 20:02 Baku time, December gold futures on the Comex exchange are declining by 1.9%, to $4,096.7 per ounce. By 22:07, the price of the precious metal had dropped to $4,104.8 per ounce.

Consumer prices (CPI index) in the US increased by 3.7% year-over-year in September, the Department of Labor reported. Inflation accelerated compared to 3.4% the previous month and reached its highest level since April. The analyst consensus forecast, cited by Trading Economics, had projected a 3.6% price increase in September.