Gold prices fell on Wednesday as investors awaited the release of key US inflation data, which will guide the Federal Reserve’s stance on monetary policy.
By 1757 GMT, spot gold was down 0.5 percent at $1915.98 an ounce, its lowest level since July 10. U.S. gold futures were also down 0.5 percent at $1,950.60 an ounce.
US consumer price index data, due out on Thursday, is expected to show inflation accelerated slightly to a 3.3 percent annual rate in July.
Most traders expect no change when the US Federal Reserve meets monetary policy in September. CME Group’s Fed Watch tool showed a 13.5 percent chance of a quarter-point hike.
“For a sustained recovery (in gold), we think the market needs more certainty about a US rate cut in 2024,” said Payden Moore, head of commodities management at National Australia Bank.
As for other precious metals, silver fell 0.4 percent to $22.67 an ounce in spot transactions. Platinum fell 1.1% to $890.34 an ounce, while palladium rose 1.2% to $1,234.47.
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