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Gold prices fall amid expectation of US inflation data
(MENAFN) Gold prices experienced a slight decline in early Asian trading on Tuesday, though they remained close to a one-week high as investors awaited crucial U.S. inflation data. The price of spot gold decreased by 0.2 percent to USD2,466.69 per ounce by 0155 GMT, following a peak earlier in the session that marked the highest level since August 2. In contrast, U.S. gold futures saw a modest increase of 0.1 percent, reaching USD2,506.90.
Market participants are closely monitoring the upcoming U.S. Producer Price Index (PPI) for July, set to be released later today, along with the Consumer Price Index (CPI) data scheduled for Wednesday. Expectations are for both inflation and core inflation to rise by 0.2 percent on a monthly basis. The anticipation of these figures has heightened market speculation about the Federal Reserve's next interest rate decision, with a 50 percent probability that the central bank might reduce rates by 50 basis points in September, according to the CME FedWatch tool. Lower interest rates could enhance the appeal of gold, which does not yield interest.
In the broader metals market, silver prices fell by 0.5 percent to USD27.8607 per ounce in spot transactions. Platinum prices increased by 0.2 percent to USD938.55 per ounce, while palladium saw a decrease of 0.4 percent, settling at USD917.10 per ounce.
Market participants are closely monitoring the upcoming U.S. Producer Price Index (PPI) for July, set to be released later today, along with the Consumer Price Index (CPI) data scheduled for Wednesday. Expectations are for both inflation and core inflation to rise by 0.2 percent on a monthly basis. The anticipation of these figures has heightened market speculation about the Federal Reserve's next interest rate decision, with a 50 percent probability that the central bank might reduce rates by 50 basis points in September, according to the CME FedWatch tool. Lower interest rates could enhance the appeal of gold, which does not yield interest.
In the broader metals market, silver prices fell by 0.5 percent to USD27.8607 per ounce in spot transactions. Platinum prices increased by 0.2 percent to USD938.55 per ounce, while palladium saw a decrease of 0.4 percent, settling at USD917.10 per ounce.
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