Gold edges lower as focus shifts to US inflation data
GLD•Spot gold fell 0.6% to $4,115.12 an ounce as investors took profits and awaited US inflation data. US gold futures rose 0.2% to $4,123.90, while traders priced in an 84% chance of a Fed rate hike in December.
1. Gold prices ease
Spot gold was down 0.6% at $4,115.12 an ounce, after rising more than 1% in the previous session. US gold futures for December delivery edged 0.2% higher to $4,123.90. An analyst described the move as profit-taking after prices reached highs during the US session.
2. Inflation and rates
Investors awaited US consumer price index data due later in the day and producer price index data due Friday for clues on the Federal Reserve’s policy path. Richmond Fed President Tom Barkin said the central bank should move with care; traders saw an 84% chance of a rate hike in December.
3. Other market factors
President Donald Trump said he planned to hold off on new military strikes against Iran for the time being. Oil prices edged lower, while spot silver fell 0.6% to $53.04 an ounce, platinum dipped 0.3% to $1,571.70 and palladium dropped 0.4% to $1,037.50.
