Gold slips as investors await key US inflation data
Gold prices eased after hitting a three-month high, with investors eyeing US inflation data for clues on the future path of interest rates.
Key Takeaways
AIGold prices fell on Wednesday after reaching their highest level in more than three months in the previous session, as investors awaited a key US inflation report to gauge the outlook for interest rates.
Spot gold dropped 0.3 percent to $4,642.74 per ounce. On Tuesday, prices had climbed to their highest since mid-May, following sharp gains last week after the US Treasury announced a bond buyback. However, US gold futures rose 0.1 percent to $4,700.70.
According to Reuters, the US Personal Consumption Expenditures (PCE) price index data for July, the Federal Reserve's preferred inflation gauge, is due to be released soon.
Reuters technical analyst Wang Tao said spot gold may retest resistance at $4,681, and a break above this level could see gains toward the $4,707–$4,743 range.
Among other precious metals, spot silver rose 0.9 percent to $69.26, platinum gained 0.4 percent to $1,865.09, and palladium advanced 1.3 percent to $1,343.75.