Gold declines slightly ahead of US inflation data

14/08/2024 Argaam
Gold bars

Gold bars


Gold prices declined slightly today, Aug. 14, as investors anticipate the US consumer inflation data amid hopes that the ongoing monetary tightening cycle could end by next month.

 

Prices of gold futures for December delivery saw a slight decline of $1.8 to $2,506 per ounce as of 09:56 am KSA time, after ending yesterday's trading at a new record high for the third time this month.

 

Spot gold rose by $2.06 to $2,467.22 per ounce. Silver futures rose 0.55% to $27.94, while spot platinum eased 0.61% to $935.83 per ounce.

 

US consumer inflation data for July is expected to be released later today, with forecasts suggesting the annual rate will remain stable at 3%.

 

This follows data released by the US Department of Labor yesterday, which showed that annual producer price inflation slowed to 2.2% in July from 2.7% in the previous month's reading, though core inflation – which excludes food, energy, and trade services – edged up slightly to 3.3% from 3.2% in June.

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