Gold is down slightly as investors focus on US inflation data

Gold fell slightly on Tuesday as investors awaited US inflation data this week that may give more clarity about the Federal Reserve’s plans to raise interest rates in order to control inflation.

By 0710 GMT, spot gold fell 0.2% to $1,785.89 an ounce, and US gold futures fell 0.2% to $1,801.90 an ounce.

On Monday, gold prices rose towards a one-month high reached last week as the dollar and Treasury yields fell after a rally that followed a strong US jobs report on Friday.

Markets are awaiting the US consumer price report for July, which will be released on Wednesday. Analysts polled by Reuters expect inflation to fall to 8.7 percent from 9.1 percent in June.

As for other precious metals, silver fell in spot transactions 0.2 percent to $ 20.60 an ounce. And platinum fell 0.3 percent to $ 936.76 an ounce. Palladium fell 1.8 percent to $2,190.13 an ounce.