Gold prices have weakened after August U.S. inflation data increased expectations for a Federal Reserve interest-rate increase. The Consumer Price Index rose 0.4% month over month and 3.4% year over year, while markets priced an 85%-90% chance of a hike at the upcoming Fed meeting. Higher rates generally pressure gold because it does not generate interest, reducing its appeal relative to income-bearing assets. Spot gold has fluctuated between $4,355 and $4,414 per ounce, and prediction markets have lowered the probability of a move to $15,000 by the end of December. The Fed’s policy decision, geopolitical developments and central-bank buying will remain key drivers of the outlook.