Gold Prices Fall 1% As Expectations of Large US Interest Rate Cut Recede

Gold prices fell 1 percent Wednesday, after data showed that consumer prices in the United States rose in July as expected, reducing expectations of a large interest rate cut by the Federal Reserve next month.Spot gold fell 1 percent to $2,440.62 per ounce.US gold futures rose 1.2 percent to $2,478.80.As for other precious metals, spot silver fell 2.2 percent to $27.23 per ounce. Platinum fell 1.6 percent to $921.27. Palladium fell 1.7 percent to $922.25.Source: Qatar News Agency