Gold prices fall ahead of US inflation data

Gold prices retreated today, Sept. 13, as investors await US inflation data for clues about the Federal Reserve’s path of forthcoming interest rate hikes.

Gold futures for December delivery shed 0.36% to $1,734.20 an ounce at 11:09 am Makkah time. Spot prices settled at $1,724.17 per ounce.

Likewise, silver futures for December delivery declined 0.2% to $19.82 per ounce. The spot price for palladium also dipped by 2.76% to $2,201.82 an ounce, while the spot price of platinum gained 0.26% to $909.34 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, slipped 0.22% to 108.07 points.

Data of August’s US Consumer Price Index (CPI), which is set to plunge for the second consecutive month to 8.1%, is due later today.

On Sept. 9, Elon Musk warned, in a tweet, about additional aggressive interest rate increases by the central bank, which could lead to deflation. The billionaire’s statement is in line with similar warnings from American investor Cathy Wood last week.