Gold edges lower as focus shifts to US inflation data
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Gold prices eased on Tuesday as investors took profits after a recent rally.
- ✓Spot gold fell 0.6% to $4,114.48 per ounce.
- ✓Market analyst Kyle Rodda said, “It’s just a bit of churn in the market.” Traders now await US inflation data to see how the Federal Reserve handles future interest rates.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Business Line
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Gold prices eased on Tuesday as investors took profits after bullion’s more than 1% rally in the previous session and awaited US inflation data for clues on the Federal Reserve’s policy path.
Spot gold was down 0.6% at $4,114.48 per ounce, as of 0430 GMT. US gold futures for December delivery edged 0.2% higher to $4,123.50.
“It’s just a bit of churn in the market. Prices are easing back from the highs reached during the US session, which could be attributed to profit-taking,” said Kyle Rodda, senior financial market analyst at Capital.com.
“If we continue to see a situation where the US does not want to escalate the conflict in the Middle East and oil prices are reversing as a result, that’d be very beneficial for gold because of its impact on the dollar, inflation and interest rate expectations,” Rodda said.
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