Gold slips from one-week high as firm US dollar weighs
GLD•Spot gold fell 0.4% to $4,176.86 an ounce on Monday after reaching a one-week high, as a firm dollar weighed on prices ahead of US inflation data. US gold futures also dropped 0.4% to $4,200.90 an ounce.
1. Dollar weighs on gold
Spot gold slipped 0.4% to $4,176.86 per ounce by 09:11 GMT after reaching its highest level since October 2 earlier in the session. US gold futures for December delivery fell 0.4% to $4,200.90 per ounce. An analyst said the dollar’s strength and investor caution ahead of US inflation figures pressured bullion.
2. Inflation data in focus
The US Consumer Price Index report is due Wednesday, followed by the Producer Price Index and retail sales data on Thursday. The article said markets had pared bets on a Fed rate hike this month, pricing an 18% chance of an increase, while assigning an 85% probability to a hike by December. Higher inflation readings could support expectations of further tightening, while softer figures could ease them.
