Gold Slips as US Inflation Revives Rate-Hike Bets

Gold prices edged lower on Tuesday after hotter-than-expected US inflation data raised prospects that the Federal Reserve will hike interest rates later this week.

The core consumer price index, which excludes food and energy costs, increased 0.3% from a month earlier in August, according to data released Friday.

This latest inflation print piles pressure on the Fed to make its first rate hike in three years when it meets this week, with traders pricing in a roughly 88% chance of an increase in September.