Gold prices down in Tuesday’s early trade

Gold prices fell on Tuesday early trade, as investors looked ahead to the upcoming US inflation report, which could influence expectations regarding the scale of a potential interest rate cut by the Federal Reserve.

Spot gold dropped by 0.09 per cent to $2,503.99 per ounce by 7:11 GMT. While US gold futures was up 0.02 per cent to $2,533.10.

Market focus will shift to the US Consumer Price Index (CPI) data set for release on Wednesday, followed by the Producer Price Index (PPI) report on Thursday. A Reuters poll suggests the headline CPI is anticipated to have increased by 0.2 per cent month-on-month in August, maintaining the same rate as in July.

Attribution: Amwal Al Ghad English, Reuters