World gold prices turned down in the morning session of September 11, as the market waited for US inflation data to assess the price outlook for the precious metal. Spot gold prices have retreated to near 4,300 USD/ounce.
As of 10:30 AM on September 11th Vietnam time, spot gold prices fell 0.16%, to 4,309.73 USD/ounce. Meanwhile, December gold futures fell 1.30%, to 4,349.82 USD/ounce.
The market is focusing on the US consumer price index (CPI) report released on September 11. This is important data that could affect investors' expectations about monetary policy, thereby affecting gold prices.
Previously, data released on September 10 showed that the US producer price index (PPI) increased by 0.4% in August, after the adjusted increase of 0.1% in July. After this data, expectations of the possibility of the US raising interest rates increased, pulling gold prices down nearly 2% in the previous session.
Gold prices are currently under pressure after failing to hold the 4,400 USD/ounce zone. Investors are waiting for CPI data to find more signals about the next direction of gold prices. If the data is higher than expected, pressure on precious metals may increase as the market adjusts monetary policy expectations.
On the precious metals market, spot silver prices fell 0.70%, to 63.15 USD/ounce. Platinum prices fell 0.14%, to 1,778.99 USD/ounce. Meanwhile, palladium prices increased 0.15%, to 1,293.25 USD/ounce.
