Gold Prices Drop 1.8% From 10-Week Peak

Gold prices in London fell by $80 per ounce on Thursday, dropping 1.8% from a 10-week peak of $4,449 per troy ounce. Silver experienced a sharper decline of 3.8% from its 7-week high, while the U.S. Dollar remained steady.

Gold prices declined despite data from the Bureau of Labor Statistics showing the Producer Price Index slowed to 4.7% year-on-year growth in July, which had softened interest-rate expectations. Market analysts noted that higher real yields increased the opportunity cost of holding the metal, though they suggested that moderating inflation could provide support for gold in the coming months.