Gold prices fell by 1.8% last week to $3340 per ounce. This is due to the acceleration of wholesale inflation in the U.S. and expectations regarding interest rates.

Data from last week showed that wholesale inflation in the U.S. accelerated in July at the fastest pace in three years, prompting traders to reduce bets on a Federal Reserve rate cut next month. Higher interest rates negatively affect gold, which does not pay interest. $PAXG