Gold Settles Near a Two-Month Top, Attention Turns to US Inflation Data

Gold prices hovered near two-month highs on Tuesday, supported by weaker dollar and US Treasury yields, as investors awaited US inflation data in an attempt to speculate on the Federal Reserve’s next move on interest rates.

The price of gold did not witness little change in transactions, and it recorded $ 1824.21 an ounce, to be about three dollars less than its highest level in two months, which was recorded earlier in the session.

US gold futures fell 0.1 percent to $1,825.30.

Market attention is now focused on US inflation data through the Consumer Price Index due on Wednesday, which may give an indication of the Federal Reserve’s stance on interest rates.

This comes in the wake of a number of US central bank officials expressing concern about the continued rise in prices.