Gold dips before inflation figures
Gold prices declined today amid a rising US dollar and anticipation of the American inflation data to be released tomorrow, which could influence the future course of interest rates. The spot gold price fell by 0.2% to $4,164.45 per ounce after reaching a weekly high, while gold futures also decreased by 0.1%. The upcoming data is expected to reveal important indicators regarding inflation and interest rates, with expectations of a rise if signs of increased inflation appear, potentially leading to further declines in gold. Additionally, the possibility of higher US interest rates—market expectations currently stand at a 21% chance of a rate hike this month—is likely to reduce investor appetite for gold as a safe haven.
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