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Gold dips as dollar gains ahead of US inflation data
Gold prices fell today, Tuesday, due to the rise of the dollar and investors awaiting U.S. inflation data, which will determine the Federal Reserve’s course of interest rate hikes. Spot gold declined by 0.2% to approximately $1,664.50 per ounce, with the dollar remaining near its 18-month high, making the metal more expensive for buyers using other currencies. It is expected that upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) reports will influence expectations of further interest rate increases, potentially leading to continued declines in gold if the figures are high. Additionally, other precious metals such as silver, platinum, and palladium also decreased as markets await U.S. monetary policy decisions and their impact on the yellow metal.
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