Gold down for third straight session as markets await US inflation data
GLD•Spot gold fell 0.3% to $4,142.85 an ounce on Wednesday, its third straight session of declines, as investors awaited US inflation data due at 1230 GMT. US gold futures also fell 0.3% to $4,165.40 an ounce.
1. Investors await inflation data
Gold edged lower as investors awaited US Consumer Price Index data for clues on the Federal Reserve’s next policy move. A market analyst said traders were waiting for the report, which could affect the US dollar and gold prices. Producer Price Index and retail sales data are due Thursday.
2. Rates and oil in focus
Oil prices climbed after two vessels were struck in the Strait of Hormuz. New York Fed President John Williams reaffirmed his view that the central bank may need to raise interest rates once more this year. Markets saw about a 22% chance of a rate hike this month and a 90% probability of an increase in December.
