Gold prices drop but remain above $1,730 per ounce

Gold prices showed decline on Tuesday morning, while remaining above $1,730 per troy ounce, as markets are waiting for statistics on inflation in the United States, which may affect the dollar.

Reported from the auction data, that the December futures for gold dropped $8.6, or 0.49%, to $1,732 a troy ounce on Comex. December silver futures fell 1.17% to $19.628 an ounce.

This week, investors are mainly waiting for statistics on annual inflation in the United States for August. Analysts predict a slowdown in inflation in the country to 8.1% from 8.5% in July, which could be the second consecutive month of slowdown. 

The indicator remains well above the target level of 2%.

Inflation is taken into account by the US Federal Reserve System (FRS) when making decisions regarding the rate.

According to the CME Group, 88% of analysts are considering raising the Fed's discount rate by 75 basis points, to 3-3.25% per annum. World central banks are raising key rates to fight inflation.

Gold is sensitive to signals from the US Federal Reserve and American macro statistics, as this may affect the dollar, which will also affect the value of the precious metal as a stronger dollar makes gold less affordable when bought in another currency, and vice versa.

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