KONTAN.CO.ID - JAKARTA. Gold prices were flat on Monday, with investor focus being on a key U.S. inflation reading as it could influence the size of the Federal Reserve's next interest rate hike. Spot gold held its ground at $1,714.41 per ounce, as of 0524 GMT. U.S. gold futures were down 0.2% at $1,725.00. "There remains some lingering general de-leveraging downward pressure on gold, but this week's inflation number may provide some relief," said Clifford Bennett, chief economist at ACY Securities.
"A further indication that inflation may have peaked would be encouraging for the gold market. The Fed will continue to hike regardless, but that there may be some end in sight could be enough to tilt gold back up following recent sharp declines." Read Also: Asia Stocks Edge Up, Dollar Restrained Before CPI The U.S. Consumer Price Index data, due on Tuesday, is expected to show that August prices rose at an 8.1% pace over the year, compared with an 8.5% print for July. Fed officials on Friday ended their public comment period ahead of the central bank's Sept. 20-21 policy meeting, with strong calls for another oversized rate increase to battle sky-high inflation.
