Gold prices ease as focus shifts to US inflation data
GLD•GLD•GLD•GLD•Spot gold fell 0.4% to $4,124.42 an ounce as traders awaited US inflation data; US gold futures rose 0.5% to $4,133.00. Traders priced an 84% chance of a Federal Reserve rate hike in December.
Spot gold fell 0.4% to $4,124.42 per ounce as of 0618 GMT on Tuesday, after rising more than 1% in the previous session. US gold futures for December delivery rose 0.5% to $4,133.00. An analyst attributed the decline to profit-taking.
Traders saw an 84% chance of a Federal Reserve rate hike in December. Richmond Fed President Tom Barkin said the central bank should move with care as it responds to inflation. Investors awaited the US consumer price index report, due later that day, and producer price data expected Friday.
Spot silver fell 0.3% to $53.22 per ounce, platinum was steady at $1,577.57, and palladium dropped 0.2% to $1,039.16.
