Gold falls as dollar rises, US inflation data ahead

Gold prices fell on Tuesday, on a slight rise in the dollar, as investors awaited inflation data in the United States, which to be released this week and could affect the Federal Reserve’s decision to raise interest rates.

According to “Reuters”, gold in spot transactions fell 0.3 percent to $ 1669.73 an ounce (an ounce) by 0615 GMT. Prices had recorded a three-week high in the previous session, supported by the weakness of the dollar. And US gold futures fell 0.5% to $ 1672.70.

The dollar index rose 0.2 percent, making the precious metal more expensive for buyers abroad

The US consumer price index is expected to be released on Thursday.

Gold is considered a hedge against inflation, but higher interest rates reduce the attractiveness of the non-yielding metal.

Investors are also focused on the US midterm congressional elections due later on Tuesday that will determine which party will dominate Congress, and could spur moves across all markets.

As for other precious metals, silver fell in spot transactions by one percent to $20.56. And platinum fell 0.4 percent to $ 975.19, and palladium fell 0.5 percent to $ 1887.17.