WASHINGTON (dpa-AFX) - Gold prices declined on Tuesday amidst anxiety ahead of the release of consumer price inflation readings from the U.S. that eclipsed concerns about the geopolitical situation as well as the tensions between the White House and the Federal Reserve. The dollar's resilience also weighed on sentiment.
Data to be released by the U.S. Bureau of Labor Statistics is expected to show annual consumer price inflation steady at 2.7 percent in December. The core component thereof is however expected to edge up to 2.7 percent from 2.6 percent in the previous month.
The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of currencies is currently at 98.96, rising 0.06 percent from 98.90 at the previous close. During the day, the index traded between 98.85 and 99.03.
Gold Futures for February settlement are currently trading at $4,596.91, slipping 0.39 percent from the previous close of $4,614.70. While the day's trading ranged between $4,582.95 and $4,616.70, the 52-week trading ranged between $2,672 and $4,640. Gold Futures had touched an all-time high of $4,640 on Monday.
The day's price movements have resulted in a weekly gain of 2.2 percent, a monthly surge of 6.6 percent and a year-to-date price gain of 4.8 percent. The yellow metal has witnessed a price jump of more than 142 percent over the 3-year horizon.
Spot Gold is currently trading 0.26 percent lower on an overnight basis at $4,585.54 per troy ounce.
At current prices, both Gold Futures and Spot Gold have gained more than 70 percent over the past year.
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