Gold Slides Ahead of U.S. Inflation Data

Gold prices slipped on Wednesday to touch a three-month low as a higher dollar continued to restrain the yellow metal while investors await monthly U.S. inflation data.

Spot gold was down 0.1% at $1,838.55 per ounce, as of 0546 GMT, after hitting its lowest since Feb. 11 earlier in the session. U.S. gold futures dipped 0.2% to $1,836.60.

 U.S. consumer price index (CPI) data for April is due later today. Analysts expect the CPI data to show a sharp decline in monthly growth.

It should be noted that gold has been used as an inflation hedge as the Fed will at all costs raise rates to curb the inflation fires.