Tuesday’s Asian trading saw a decline in gold prices, but they were still at record highs due to the demand for safe-haven assets brought on by worries about an Iranian attack on Israel. Gold futures expiring in December dropped 0.1% to $2,501.45 an ounce, while spot gold declined 0.4% to $2,460.78.
While spot prices continued to approach the record high of $2,483.78 per ounce, gold futures reached a new high of $2,517.10 an ounce. Economic and CPI data were sought for additional rate indications. This week’s main focus was on the U.S. consumer price index data, which was anticipated on Wednesday. It is anticipated that July’s inflation rate will decrease somewhat.
If inflation declines, the Federal Reserve will be more motivated to lower interest rates. Although prices for precious metals dipped on Tuesday, they were still up this week. Silver prices dropped 0.8% to $27.773 an ounce, while platinum futures declined 0.7% to $942.60 an ounce.
One-month copper prices were down 0.7% to $4.0418 a pound on the London Metal Exchange, while benchmark copper futures lost 0.7% to $8,963.50 a tonne. For economic clues on the world’s largest copper importer, this week focuses on China’s retail sales and industrial output figures, which are expected on Thursday.
