FX.co ★ Gold Slips As Investors Await ECB Decision

Gold prices were subdued on Thursday after U.S. consumer inflation data came in hotter than expected, keeping bets of more Fed rate hike alive.

Spot gold slipped 0.1 percent to $1,906.85 per ounce, while U.S. gold futures were down 0.3 percent at $1,927.70.

Data showed U.S. consumer prices increased 3.7 percent year-per-year last month, slightly ahead of the estimated 3.6 percent. Core inflation rose 4.3 percent, matching expectations.

Following the report, CME Group's FedWatch Tool currently indicates a 97.0 percent chance the Federal Reserve will leave interest rates unchanged next week.

The outlook for November remains more mixed, with the FedWatch Tool indicating a 40.8 percent chance of another quarter point rate hike.

Trading later in the day may be impacted by reaction to the ECB rate decision as well as a slew of U.S. economic data, including reports on weekly jobless claims, retail sales and producer price inflation.

The European Central Bank is likely to raise interest rates for a 10th consecutive meeting but it's a close call, given growing concerns about growth.

The central bank will update its forecasts for growth and inflation at today's meeting.