Gold Prices Plummet to Three-Week Low Ahead of Key Inflation Data Release

World gold prices continued to decline on September 11, marking their third consecutive week of losses. According to Laodong.vn, spot gold prices fell to $4,309.73 per ounce in the morning session, a 0.16% decrease from the previous day. The market is awaiting the release of US Consumer Price Index (CPI) data, which could influence investors' expectations about monetary policy and subsequently impact gold prices.

The recent decline in gold prices can be attributed to the increased possibility of interest rate hikes in the US, following a 0.4% rise in the producer price index (PPI) in August. This development has put pressure on precious metals, causing gold prices to fall nearly 2% in the previous session.

The market is closely watching the CPI data release, as it may provide crucial insights into the direction of monetary policy and its impact on gold prices. If the data exceeds expectations, investors may adjust their monetary policy expectations, potentially increasing pressure on precious metals.