The US dollar experienced a notable decline, dropping more than $15 to below $960, following inflation data that supported expectations for a Federal Reserve interest rate cut in September. This downward trend continued over several days, with the dollar reaching a two-week low near $950 amid growing market anticipation of monetary easing. Treasury Secretary Scott Bessent publicly urged the Fed to lower borrowing costs, which contributed to increased bets on rate cuts and supported a rise in gold prices. Gold prices climbed for three consecutive days, peaking near $3,340 per ounce. However, stronger-than-expected US wholesale inflation data later reduced the probability of a September rate cut to 85%, causing gold prices to fall by about 0.5% to $3,338.34 an ounce. This inflation report also lifted bond yields and strengthened the dollar, while concerns over tariffs and geopolitical tensions continued to influence market dynamics. Concurrently, US stock markets dipped, with the Dow Jones falling 0.34%, as the inflation data tempered hopes for imminent interest rate reductions.