Gold lackluster ahead of inflation data as oil prices rise - cnbc.com

AI desk brief

Gold was under pressure ahead of U.S. inflation data as rising oil prices lifted inflation fears and increased expectations for a September Fed hike. Spot gold fell 0.4% to $4,385.85/oz after trading up to $4,442.70, while December gold futures dropped 1% to $4,431.00.

Brent crude touched $99.46/bbl, its highest since July 24, after attacks on Saudi energy facilities and threats from Tehran, reinforcing the inflation/rates backdrop. Traders are pricing about a 60% chance of a Fed hike versus 50% before the strong August jobs report; PPI is due Thursday and CPI Friday. Silver rose 0.2% to $66.30/oz, platinum gained 1% to $1,844.58, and palladium fell 2.6% to $1,351.75.