Gold is heading for a fourth monthly fall even as US inflation hits a three-year high. Here is why higher rates, not inflation, now drive the gold price.

Gold is heading for a fourth monthly fall even as US inflation hits a three-year high. Here is why higher rates, not inflation, now drive the gold price.

Gold holds near $4,000 after US PCE inflation data meets expectations, reducing September rate-hike odds from 68% to 63%. Bitcoin follows in lockstep.

Gold prices are facing a significant downturn, nearing a fourth consecutive weekly loss, as a robust US dollar and anticipated aggressive interest rate hikes by the Federal…