Gold prices fall ahead of US inflation data

Gold prices declined today, Tuesday, as investors awaited the upcoming US inflation data scheduled to be released later this week, which will determine the direction of interest rates in the United States. The spot price of gold fell by 0.1% to approximately $4,399 per ounce, after reaching a high of $4,442. Meanwhile, futures contracts also dropped by 0.7%. This decline occurred amid rising oil prices due to geopolitical tensions and attacks on energy facilities in Saudi Arabia, which heightened inflation concerns and led to expectations of a possible interest rate hike by the US Federal Reserve. This situation reduced gold's appeal as a safe haven.

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