Gold edges lower as focus shifts to US inflation data

Gold prices slipped on Tuesday as traders booked profits following bullion’s rise of more than 1% in the prior session. Business Recorder reported spot gold down 0.6% to $4,114.48 an ounce at 0430 GMT, while US December futures gained 0.2% to $4,123.50. Investors were also waiting for US inflation figures for signals about the Federal Reserve’s next steps.

The US consumer price index was due later on Tuesday, with producer price data scheduled for Friday. Richmond Fed President Tom Barkin said policymakers should proceed cautiously, while traders put the probability of a December rate increase at 84%, according to CME’s FedWatch tool. Higher rates can make bullion less attractive because it does not pay interest; silver fell 0.5% to $53.14 an ounce, platinum was steady at $1,576.44, and palladium declined 0.2% to $1,039.47.