Gold prices edged lower on Thursday, weighed down by an uptick in the dollar as investor looked forward to key U.S. inflation data due later this week for more cues on the interest rate path.
Spot gold was down 0.3% at $4,082.95 per ounce, as of 0144 GMT.
U.S. gold futures for December delivery climbed 0.8% to $4,097.40 per ounce.
The dollar index rose 0.1% against its rivals, making gold more expensive for other currency holders.
The U.S. Consumer Price Index (CPI) report, due on Friday after a delay due to the government shutdown, is expected to show that core inflation held at 3.1% in September.
Investors have nearly fully priced in a 25-basis-point rate cut at the Federal Reserve’s meeting next week.
Gold tends to appreciate when interest rates are low as they reduce the opportunity cost of holding non-yielding bullion.
U.S. President Donald Trump said on Wednesday he expected to reach a trade agreement with Chinese President Xi Jinping and that he would raise concerns about China’s purchases of Russian oil during their meeting in South Korea next week.
Russia said on Wednesday that it was still preparing for a potential summit between President Vladimir Putin and Trump.
Gold prices have gained about 56% this year, reaching an all-time peak of $4,381.21 on Monday, bolstered by geopolitical and economic uncertainties, rate-cut bets and sustained central bank buying.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.59% to 1,052.37 metric tons on Wednesday from 1,058.66 tons on Tuesday.
Elsewhere, spot silver fell 0.4% to $48.31 per ounce, platinum slipped 1.4% to $1,598.65 and palladium lost 1.4% to $1,438.47.
