Gold Slips as US Dollar Strengthens Ahead of Key Inflation Data Release

Gold prices eased on Tuesday as the US Dollar strengthened, despite a modest increase in energy prices. The XAU/USD pair traded at $4,381, down 0.18% from the previous day's high of $4,435.

The move was attributed to traders waiting for the release of the US Consumer Price Index (CPI) data, which is expected to show a decrease in July's headline inflation to 3.4% YoY, a tenth lower than June.

Chicago Federal Reserve President Austan Goolsbee emphasized that the economy's biggest problem is inflation, not industry and jobs collapse. He reiterated that 'prices have been rising too fast, we have an inflation problem, and people hate inflation.'