Gold Prices Ease as Focus Shifts to US Inflation Data

11/11/2026 05:19 AST

Gold prices eased on Tuesday as investors locked in profits after bullion's more than 1% rally in the previous session and awaited US inflation data for clues on the Federal Reserve's policy path.

Spot gold was down 0.4% at $4,124.42 per ounce, as of 0618 GMT. US gold futures for December delivery rose 0.5% to $4,133.00.

"It's just ?a bit of ?churn in the market. Prices are ?easing back ?from the highs ?reached during the US session, which could be attributed to profit-taking," said Kyle Rodda, senior financial market analyst at Capital.com.

"If we continue to see a situation where the US does not want to escalate the conflict in the Middle East and oil prices are reversing as a result, that'd be very ?beneficial for gold because of its impact on ?the dollar, inflation and interest ?rate expectations," Rodda said.

US President Donald Trump said on Monday he plans ?to hold off on new military strikes against Iran for ?the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks. Oil prices fell on Tuesday, extending losses from the previous day, Reuters said.

Meanwhile, the US central bank ?should move its monetary policy "with care" as it maps a response to inflation that remains its ?greatest risk, ?Richmond Federal Reserve President Tom Barkin said on Monday, adding he had no base case for what should be done at the December meeting.

Traders currently see an 84% chance that the US Fed will raise rates in December, according to CME's FedWatch tool.

Higher interest rates increase the opportunity cost of holding non-yielding bullion, reducing its appeal.

Investors now await the consumer price index report, due later in the day, followed by the producer price index data on Friday.

Among other metals, spot silver slid 0.3% to $53.22 per ounce, platinum steadied at $1,577.57 and palladium dropped 0.2% to $1,039.16.

Asharq Al Awsat