WASHINGTON (dpa-AFX) - Gold prices inched down Tuesday, extending 4-month lows after inflation data cemented expectations for an interest rate hike tomorrow.
Gold was down $5 at $1241.80 an ounce, the lowest since July.
Producer prices in the U.S. increased by slightly more than expected in the month of November, according to a report released by the Labor Department on Tuesday.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in November.
More importantly, excluding food and energy prices, the core producer price index rose by 0.3 percent in November after climbing by 0.4 percent in October.
Consumer price figures are out tommorow morning, followed by the Federal Reserve's interest rate decision at 2pm ET.
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