Tunis:Gold prices experienced a decrease today, influenced by a stronger dollar, as investors look ahead to the release of US inflation data for insights into the Federal Reserve's future interest rate decisions.
According to Oman News Agency, spot gold fell by 0.2 percent to $4,164.45 per ounce after reaching a one-week high in the previous session. Meanwhile, US gold futures for December delivery decreased by 0.1 percent to $4,187.90. The dollar maintained its position near the 18-month high it reached during the prior session, increasing the cost of dollar-denominated metals for those using other currencies.
The US Consumer Price Index data is set to be released tomorrow, followed by the Producer Price Index data on Thursday. High interest rates generally reduce gold's attractiveness, as investors tend to prefer assets that offer yields.
The CME Group's FedWatch tool indicates that traders assign a 21 percent chance to a US rate hike this month, with an 88 percent likelihood of an increase by December.
In the market for other precious metals, spot silver dropped by 0.5 percent to $60.01, platinum decreased by 0.2 percent to $1,682.47, and palladium fell by 0.5 percent to $1,137.69.