Gold fell sharply after U.S. durable goods order data was released on Wednesday as it came out higher than expected in August as corporate spending on equipment increased, and the dollar also rose strongly against most major currencies.
Gold fell 1.36% on Wednesday after data increased the chances of the Fed raising its base rate again we are also waiting today for growth data from the U.S. economy that significantly determine the likelihood of interest hikes in the event of higher growth, Also on tomorrow Friday will be our date with the Personal Consumer Spending Price Index (PCE), the Fed's preferred index for measuring inflation
Also, rising U.S. crude oil prices toward their highest level in a year increased the likelihood of a rate hike again from the Fed at the December meeting,
As long as interest rates remain higher, it will continue to squeeze precious metals.
