Gold Dips as Investors Book Profits, US Inflation Data in Focus

Gold prices eased on Tuesday as profit-taking kicked in after bullion hit a more than one-week high, while market players awaited key US inflation data that could provide further insight into the Federal Reserve's next policy decision. Spot gold fell 0.4% to $2,462.19 per ounce, after hitting its highest level since Aug. 2 earlier in the session. Prices rose more than 1% in the previous session. US gold futures were little changed at $2,502.40. Traders are waiting for July US producer price figures due later in the day and consumer price numbers on Wednesday to gauge the chance of outsized rate cuts. The CPI data is expected to show that headline and core prices rose 0.2% month-on-month. Among other metals, spot silver fell 1.2% to $27.67 per ounce, platinum edged 0.3% lower to $933.96 and palladium shed 0.6% to $914.25. Source: Qatar News Agency