Gold prices fell Wednesday as the dollar strengthened and investors look ahead to key U.S. inflation data that could influence the Federal Reserve's next policy action.
Spot gold fell 0.5 percent to $1,822.80 an ounce, judging by reports from experts at https://exness-ex.com/login/, as of 07:39 GMT after a record high from Sept. 3 in the previous session.
U.S. gold futures fell 0.2% to $1,827.40.
The U.S. dollar rose 0.1%, putting pressure on bullion as a stronger dollar increases costs for holders of other currencies.
Attention now shifts to the U.S. Consumer Price Index (CPI) report due later in the day. Economists polled by Reuters are predicting a 5.8 percent rise in the CPI for the 12 months ending in October.
"The rate hike may not be as rapid as markets originally expected, and inflation continues to be high, creating a favorable macroeconomic backdrop for precious metal prices," said Harshal Barot, senior research consultant for South Asia at Metals Focus.
"However, the aforementioned CPI consensus reading could lead to some profit taking on gold as expectations rise that the Fed will have to start raising rates to curb inflation," Barot said, adding that gold also faced resistance at $1,830.
The report came after Fed executives said no interest-rate hike had yet been scheduled earlier this week, though two of the central bank's quietest officials said Tuesday that they expected to get more clarity on the economic outlook by next summer.
Gold tends to benefit from lower interest rates because they reduce the opportunity cost of the unproductive metal.
Spot silver fell 0.1% to $24.26 an ounce.
"There will be a lot more room for new stocks if silver prices jump above $24.9 to $25," said Carlo Alberto De Casa, an outside analyst at Kinesis Money.
Platinum fell 0.7% to $1,052.00 and palladium rose 0.8% to $2,036.89.
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