Gold struggles for traction

Gold prices fought for traction on Wednesday as investors stayed on the sidelines ahead of key US inflation data that could offer more cues on the Federal Reserve's stance on monetary policy, reports Reuters.
Spot gold was flat at $1,924.39 per ounce by 09:46 a.m. EDT (1346 GMT), having dropped to its lowest since July 10 earlier in the session. US gold futures were little changed at $1,958.50 per ounce.
"Tomorrow's CPI will be a pivot point for Fed policy... It's kind of wait and see mode now," said Daniel Pavilonis, senior market strategist at RJO Futures.
"Gold has been this inflationary kind of hedge also, but it is fighting an uphill battle with a 10-year yield. Gold will likely struggle if inflation is still there and the Fed is looking to raise rates too fast," Pavilonis added.
Elsewhere, spot silver eased 0.2 per cent to $22.72 an ounce and platinum slipped 0.9 per cent to $892.58, while palladium gained 1.2 per cent to $1,234.72.