Gold prices dip as markets await US inflation data

Spot gold prices dropped by 0.89% to $4,031 per ounce, while December gold futures slipped 0.1% to $4,047.10 per ounce.

The decline comes as investors assess signals from the US Federal Reserve and its chair, Kevin Warch, following the central bank's decision to leave interest rates unchanged. Markets are closely watching for US inflation data due later today for further clues on the direction of monetary policy.

On Wednesday, the Federal Reserve kept interest rates within a range of 3.75% to 4%, in line with expectations, opting to delay any changes to borrowing costs until after next week's US midterm elections as it awaits more inflation data.

According to CME Group's FedWatch tool, markets now price in a roughly 78% chance of a rate hike in December, down from 84% before the Fed's announcement.

Among other precious metals, spot silver fell 1.5% to $53.15 per ounce, platinum dropped 1.5% to $1,515.70, and palladium slipped 0.6% to $1,004.25 per ounce.