Price of gold fell in anticipation of US inflation data

The price of gold fell slightly on Tuesday to $1,800 per troy ounce, while investors expect confirmation of forecasts for lower inflation in the US, Report informs.

The price of December futures for gold on the New York Comex fell by $3.55, or 0.2%, to $1,801.7 per troy ounce. September silver futures rose 0.28% to $20.672 an ounce.

Traders are waiting for data on the growth of consumer prices in the US, which will be published on Wednesday evening. Experts believe that inflation in the country has finally slowed down to 8.7% after 9.1% a month earlier, when the rate was the highest since 1981.

The US Federal Reserve System takes these statistics into account when making decisions on monetary policy, which affects the dollar exchange rate, and through it, the quotes of commodities, which include precious metals. Gold is also used as an asset that saves from inflation.

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Price of gold fell in anticipation of US inflation data