Gold prices fall ahead of US inflation data

Gold prices fell on Tuesday, with profit-taking, after the yellow metal hit its highest level in more than a week, as market participants await key US inflation data that could provide further clues on the path of interest rates.

Spot gold fell 0.4% to $2,462.19 per ounce, while US futures were steady at $2,502.40.

As for other metals, spot silver fell 1.2% to $27.67 per ounce, platinum fell 0.3% to $933.96, while palladium lost 0.6% to $914.25.

Traders are awaiting US producer price index data for July, which is due later today, followed by consumer price index data on Wednesday, which is expected to show inflation and core inflation rising 0.2% on a monthly basis.