Gold slips 0.3% to $4,128.48 ahead of US inflation data
Gold prices slipped 0.3% to $4,128.48 per ounce in early Asian trading on Tuesday, as everyone waits for the latest US inflation numbers: data that could sway the Federal Reserve's next move.
Spot gold fell 0.3%, while December gold futures rose 0.6%, to $4,137.60.
Markets see 84% December Fed hike
Markets are betting big, about an 84% chance, that the Fed will raise rates in December, according to CME's FedWatch tool.
Richmond Fed President Tom Barkin said tackling inflation is still a top priority and called for careful policy moves.
Higher rates usually make gold less appealing since it doesn't pay interest.
Elsewhere, oil prices dropped sharply (over $7 a barrel), and other precious metals like silver and platinum also edged down.
Meanwhile, Japan's central bank is considering faster rate hikes as its inflation hits target levels, a sign that some Bank of Japan policymakers are calling for speeding up the pace of rate hikes.