Gold retreats from highest level in over 1 month

Gold prices fell from the highest level in more than a month today, Aug. 10, as investors await US inflation data.

Gold futures for December delivery shed 0.33% to $1,806.4 an ounce at 11:06 am Makkah time. Similarly, spot prices plunged 0.27% to $1,789.38 per ounce after hitting $1,800.29 on Aug. 9 — the highest level since July 5.

Likewise, silver futures for September delivery declined by 0.60% to $20.36 an ounce. The spot price for platinum weakened 0.76% to $929.72, with the spot price of palladium also down 0.78% to $2,197.5 an ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 106.3 points.

"If inflation numbers come in stronger than expected, following last week's solid jobs report, we could see some of rate cut expectations for next year leave the forecast, which would be gold negative,” said Ilya Spivak, a currency strategist at DailyFX.

Economists polled by Reuters expect the US annual inflation to ease to 8.7% in July from 9.1% in June, with the core inflation rate set to reach 0.5%.