Gold prices fall ahead of US inflation data

Gold prices fall as investors await US inflation data

Gold prices declined on Thursday as investors awaited US inflation data, following a drop in producer prices that boosted expectations of a Federal Reserve rate cut.

December gold futures fell 0.4%, or $14.9, to $3,667.1 an ounce by 8:09 a.m. Mecca time, while spot gold slipped 0.29%, or $10.7, to $3,630.04 an ounce.

December silver futures dropped 0.42% to $41.43, and spot platinum fell 0.72% to $1,383.72.

Markets are also eyeing US jobless claims and the consumer price index (CPI) for August, expected to rise 2.9% year-on-year after a 2.7% increase in July.

The data could influence the Federal Reserve’s policy decision at next week’s meeting, with widespread expectations of a 25-basis-point rate cut.