FX.co ★ Gold Prices Slip Ahead Of US Inflation Data

Gold pulled back on Wednesday after climbing in the previous two sessions.

Spot gold slipped 0.3 percent to $2,029.12 per ounce while U.S. gold futures were down 0.3 percent at $2,036.35.

The dollar seesawed and the 10-year U.S. Treasury yield edged up slightly as investors positioned for the April U.S. consumer price inflation data due out later in the day that could determine the Federal Reserve's next interest rate decision.

New York Fed President John Williams said inflation remains too high and the central bank will raise rates again if necessary, adding he doesn't expect inflation to return to the Fed's 2 percent goal until the next two years.

Markets were also monitoring the developments of the U.S. debt ceiling after a high stakes meeting between U.S. President Joe Biden and key lawmakers from both parties on Tuesday yielded no breakthrough.

The U.S. government could start to run out of money if Congress does not act in three weeks.