Gold prices edged lower on Tuesday as investors took profits following a gain of more than 1% in the previous session. Markets are also waiting for US inflation data, which could give investors a better idea of the Federal Reserve’s next interest rate decision.
Spot gold fell 0.6% to $4,115.12 per ounce. However, US gold futures for December delivery moved in the opposite direction, rising 0.2% to $4,123.90 per ounce.
Investors are now watching the upcoming US Consumer Price Index (CPI) report for signs of where inflation is heading. Market expectations show an 84% chance of an interest rate hike at the Federal Reserve’s December meeting.
Other precious metals also moved lower. Silver dropped 0.6% to $53.04 per ounce, platinum fell 0.3% to $1,571.70, and palladium declined 0.4% to $1,037.50 per ounce.