Gold prices dip as markets await US inflation data

Gold prices declined today, Dec. 12, affected by a stronger US dollar, with caution kicking in ahead of key US inflation data and a Federal Reserve meeting due later week.

Gold futures for February delivery shed 0.65% to $1,798 an ounce at 10:21 am Makkah time, with spot prices also down 0.51% to $1,788 per ounce.

Similarly, silver futures fell 0.28% to $23.65 an ounce as the spot price of platinum contracted by 0.62% to $1,021.26 per ounce.

In addition, the spot price of palladium plunged by 0.92% to $1,932.25 an ounce.

Data on the US Consumer Price Index (CPI) is poised to be released tomorrow, ahead of the Fed’s last meeting this year, which is scheduled to be held on Dec. 13-14.

The European Central Bank (ECB) and Bank of England will also announce an interest rate decision this week, as inflation continues to bite.