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Gold edges lower as investors await US inflation data
Spot gold fell 0.3% to $4,157.90 per ounce, while December gold futures also slid 0.3%.
Gold prices ticked down on Tuesday as investors waited for key US inflation data and upcoming remarks from Federal Reserve chair Kevin Warsh, seeking clarity on the outlook for monetary policy, Reuters reported.
By 02:15 p.m. EDT, spot gold was down 0.3% at $4,157.90 per ounce, while US gold futures for December settled 0.3% lower at $4,177.30 per ounce.
Market participants are focused on the Consumer Price Index data scheduled for Wednesday, followed by Producer Price Index figures on Thursday and Warsh’s remarks, according to Reuters.
Traders expect limited near term tightening, with CME’s FedWatch tool indicating a 19.0% chance of a rate hike this month and an 88.0% chance of a December increase, which helps explain why gold has been less attractive in a higher interest rate environment, Reuters said.
Latest closeGold $4,157.80 ▲0.4%