Gold Prices Slip Ahead of US Inflation Data

Gold prices have fallen on Wednesday and are headed for their first monthly decline since July as expectations of higher interest rates weigh on sentiment.

The spot price of gold is currently at $4,170.63 per ounce, representing a 0.2% drop from the previous day's closing price. Gold futures, however, have gained 0.5% to $4,201.90.

The decline in gold prices comes as investors await US inflation data for clues on the Federal Reserve's next policy move. The Fed has been increasing interest rates to combat inflation, and higher rates typically reduce demand for non-interest-bearing assets like gold.