- Gold prices fell in early global trading on Tuesday, but remained near a one-week high, as markets awaited key U.S. inflation data that could provide further clues about the Federal Reserve's next interest rate decision.
- Spot gold fell 0.2% to $2,466.69 an ounce, after hitting its highest since Aug. 2 earlier in the session, while U.S. futures rose 0.1% to $2,506.90.
- Traders are awaiting the US Producer Price Index (PPI) data for July, which is due later today, followed by the Consumer Price Index (CPI) data on Wednesday, which is expected to show inflation rising and core inflation rising by 0.2% on a monthly basis.
- Traders are 50% expecting a 50 basis point rate cut in September, according to the CME FedWatch tool, and a low interest rate environment tends to boost the appeal of non-yielding gold.
- As for other metals, silver fell in spot transactions by 0.5% to $27.8607 per ounce, platinum rose by 0.2% to $938.55 per ounce, while palladium lost by 0.4% to $917.10 per ounce.
