Gold down ahead of U.S. inflation data
Gold dropped on Tuesday in Asia ahead of inflation data from the U.S. The U.S. data could indicate the country’s central bank’s timeline for asset tapering.
Gold futures dipped 0.09% to $1,792.85 by 12:07 AM ET (4:07 AM GMT). The dollar, typically moving inversely to gold, edged down on Tuesday after reaching a two-week high on Monday.
The safe-haven asset is trading below the $1,800-dollar mark as investors consider the risks from the coronavirus’ Delta variant and heightened inflation.
Investors are now awaiting the U.S. consumer price index (CPI) data, due later in the day. If the data showed higher-than-expected numbers, expectations for when the U.S. Federal Reserve could start asset tapering could be pushed from November to December.
Analysts note that gold prices are stabilizing as investors await the August inflation report, which could present indications that the inflation is transient.
In other precious metals, silver and platinum inched down 0.1%, while palladium made a 0.3% gain.