Gold is waiting for inflation data

After the recent drop, the price of gold rose slightly on Wednesday and is holding at around $2,620 per ounce. Investors are waiting with interest for the publication of data on inflation in the United States, which may give clues about the Fed's further monetary policy.

The strengthening of the dollar, caused by expectations of the impact of policy on the rate cut cycle, previously had a negative impact on the price of gold. Traders now estimate the probability of a 25 basis point rate cut at the Fed's December meeting at 62%, which is lower than at the beginning of the week.

Gold is traditionally considered a protection against inflation, but rising rates reduce its attractiveness, since it does not bring interest.

A number of important economic data are expected to be released on Thursday and Friday, including data on the consumer price index, producer prices, unemployment benefit applications and retail sales. The speeches of the Fed's leaders are also in the field of view of investors.