Gold dips before US inflation figures

Gold prices declined today, Monday, after reaching a seven-week high, as investors continued to take profits while waiting for US inflation data to understand the direction of interest rates. Spot prices fell by 0.3% to $4,330.46 per ounce, after hitting the highest level since June 17 in the previous session. Meanwhile, US futures decreased by 0.2% to $4,390.60. The decline is attributed to profit-taking following last week’s gains, with expectations that gold will remain supported above the $4,300 level in the near term, as markets monitor US inflation data and its impact on Federal Reserve policy.

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