Gold prices were slightly lower on Wednesday as investors awaited U.S. consumer price index data for April which may provide into whether the Federal Reserve’s ten interest rate rises in the past year have brought inflation down further. Price actionGold for June delivery GC00GCM23 fell by $7, or 0.3%, to $2,036 per ounce on Comex. Silver for July delivery SI00SIN23 declined by 13 cents, or 0.5%, to $25.77 per ounce. Platinum for July delivery PLN23 gained $5, or 0.4%, to $1,120.90 per ounce, while palladium for June delivery PAM23 rose by $7.30, or 0.5%, to $1,587 per ounce. Copper for July delivery HGN23 fell by 4 cents, or 1.1%, to $3.86 per pound. Market drivers“Gold is treading water ahead of the CPI data, a release that could be the catalyst for new record highs in the yellow metal or a broader correction,” said Craig Erlam, senior market analyst at OANDA.
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