Muscat: Spot gold slipped 0.3 percent to $4,082.95 per ounce, while US gold futures for December delivery edged up 0.8 percent to $4,097.40 per ounce. The modest decline came as the US dollar index rose 0.1 percent against major currencies, making gold more expensive for holders of other currencies.
Markets are now focused on the US Consumer Price Index (CPI) report, set to be released on Friday after a delay caused by the government shutdown. Economists expect the data to show that core inflation held steady at 3.1 percent in September, a figure that could influence the Fed’s next rate decision.
According to market forecasts, investors largely expect a 25-basis-point rate cut at the Federal Reserve’s meeting next week.
Despite the day’s decline, gold remains up about 56 percent year-to-date, reaching an all-time high of $4,381.21 per ounce earlier this week.
Gold prices dipped slightly as markets anticipate the US Consumer Price Index report, which could impact the Federal Reserve's rate decision. Spot gold fell 0.3% to $4,082.95 per ounce, while US futures rose 0.8%. Despite the decline, gold remains significantly up for the year, having reached a record high earlier this week.