Gold slips as dollar firms, investors book profit; US data on tap
slipped on Monday as the dollar strengthened and some investors locked in profits after a recent rally, with markets now focused on upcoming
U.S. inflation data
that could offer insight into Federal Reserve's interest rate outlook.
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* Spot gold was down 0.7% at $3,373.37 per ounce, as of 0137 GMT, after hitting its highest since July 23 on Friday.
* U.S. gold futures for December delivery dropped 1.5% to $3,439.10.
* The dollar edged 0.1% higher against its rivals, making gold more expensive for other currency holders.
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* Focus this week will be on U.S. consumer prices due on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3% to an annual pace of 3.0% and away from the Federal Reserve target of 2%.
* Also on the radar are
trade discussions
as U.S. President
Donald Trump
's August 12 deadline for a deal between Washington and Beijing loomed.
* Trump said on Friday he will meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine.
* On Friday, the White House said it plans to clarify what its official called misinformation about import tariffs for gold bars amid uncertainty, which saw some industry players pausing deliveries of bullion to the United States.
*
Physical gold demand
in key Asian hubs slipped last week as a rise in prices weighed on buying interest, while higher rates encouraged some to cash in on their holdings.
* Major share indexes crept higher in Asia on Monday as upbeat company earnings underpinned high valuations in the tech sector.
* Elsewhere,
spot silver
fell 0.3% to $38.21 per ounce, platinum slipped 1.2% to $1,315.80 and palladium lost 1% to $1,114.50.
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