XAU/USD fell sharply early in the US session, hitting a fresh 4-week low of $1,922.74 per troy ounce, as demand for the US Dollar increased following comments from Reserve officials. Federal. unified report on the Consumer Price Index (CPI) of the United States (USA) July.
Philadelphia Federal Reserve Bank President Patrick Harker said they are getting back to more normalcy and while looking at the possibility of a soft landing, he added that supply chain problems are recovering. Furthermore, he said the Fed can be "patient" and keep rates steady, though he made clear September's decision will depend on upcoming data.