Gold falls and the dollar rises. Investors await US inflation data

Gold falls and the dollar rises.  Investors await US inflation data
Gold falls and the dollar rises.  Investors await US inflation data

Gold falls and the dollar rises. Investors await US inflation data

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Gold prices fell on Tuesday, weighed down by a slight gain in the dollar as investors awaited inflation data in the United States due this week, which could influence the Federal Reserve’s decision to hike interest rates.

And gold was down 0.3 percent in spot trading to $1669.73 an ounce (one ounce) by 0615 GMT. Prices hit a three-week high in the previous session, helped by a weak dollar.

US gold futures fell 0.5% to $1,672.70.

The dollar index rose 0.2 percent, making the precious metal more expensive for overseas buyers.

The US CPI report is expected on Thursday.

Gold is seen as a hedge against inflation, but higher interest rates make the non-yield metal less attractive.

Investors are also focused on the US congressional elections, later on Tuesday, which will determine which party will dominate Congress and could prompt moves in the markets.

Along with other precious metals, silver fell 1 percent in spot trades to $20.56. Platinum fell 0.4 percent to $975.19 and palladium fell 0.5 percent to $1,887.17.

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