Gold retreats amid stable US inflation data, continuing a four-day losing streak.
US Dollar Index reaches a year-to-date high of 106.52, buoyed by market expectations of less dovish Fed.
Upcoming economic events, including Fed Chair Powell's speech and US Retail Sales, to further influence Gold's trajectory.
Gold's price tumbled on Wednesday following October’s inflation report, which was aligned with estimates. The yellow metal hit a daily peak of $2,618 but retreated as US Treasury yields climbed, and the Greenback extended its gains to a new year-to-date (YTD) high, according to the US Dollar Index (DXY). The XAU/USD trades at $2,581, losing more than 0.60%.
Bullion extended its losses for the fourth straight day after the US Bureau of Labor Statistics (BLS) revealed that headline and core inflation figures for October came in as Wall Street expected.
The buck printed solid gains, although market participants had almost entirely priced in 25 basis points by the Federal Reserve (Fed) at the December meeting. According to the CME FedWatch Tool data, odds rose from 58% a day ago to 82%.
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