Gold prices fell on Wednesday, August 28, pressured by a stronger dollar, as investors await a key U.S. inflation report due this week for clues on the size of a potential interest rate cut in September.
Spot gold fell 0.7% to $2,507.64 an ounce, having hit an all-time high of $2,531.60 on Aug. 20.
U.S. gold futures fell 0.4% to $2,542.80.
The dollar index rose 0.3%, reducing the attractiveness of gold for holders of other currencies.
US consumer spending data
Market participants are awaiting the release of US personal consumption expenditure data, the Fed's preferred inflation gauge, due on Friday.
Last week, Federal Reserve Chairman Jerome Powell expressed support for an imminent start to cutting interest rates and expressed confidence that inflation could now reach the bank's target of 2%.
Other precious metals
As for other precious metals, silver fell in spot transactions by 1.2% to $29.63 per ounce, platinum fell by 0.3% to $950.80, and palladium fell by 0.8% to $962.11.
