Gold fell approximately 0.8% to $4,440.10 per troy ounce in New York futures trading during Tuesday’s early European session as investors positioned ahead of U.S. inflation data due this week. December gold futures declined 0.7% to $4,447.11, while physical gold fell 0.1% to $4,402.49. Silver rose 0.2% to $66.32 an ounce and platinum gained 0.3% to $1,828.78. The U.S. Dollar Index slipped to 98.90, helped by a strengthening Japanese yen and offering modest support to bullion. Markets are pricing roughly a 60% probability of a Federal Reserve (U.S. central bank) interest-rate increase next week after stronger-than-expected nonfarm payrolls. Higher crude prices, with Brent approaching $100 a barrel after renewed U.S.-Iran confrontations in the Strait of Hormuz region, added to inflation concerns and limited gold’s upside. Gold has recently traded near $4,400 after recovering from support around $4,000 in July. Naeem Aslam of Zaye Capital Markets said prices holding above $4,400 reflected defensive demand amid strong U.S. economic data and geopolitical tensions. IG senior market analyst Tony Sycamore said rising Treasury yields could create further resistance. The U.S. consumer price index and producer price index will be key tests for the rate outlook. Meanwhile, the People’s Bank of China accelerated gold purchases in August to their strongest monthly pace since 2023, a buying pattern widely viewed as support for bullion.