London — Gold slipped on Tuesday, pressured by a firmer dollar and concern that US inflation data later in the day will be robust, strengthening the case for more US interest rate hikes. Analysts polled by Reuters forecast the US consumer price index (CPI), due at 12.30pm GMT, rose 2.2% in February year on year, compared with a 2.1% increase a month earlier. "If you have a higher than expected CPI reading today it would put more downward pressure on gold, especially if yields also go up," said Georgette Boele, commodity strategist at ABN AMRO in Amsterdam. "Overall, the outlook is not looking that great in the short term. I still expect prices to go towards $1,300." Spot gold was down 0.3% at $1,318.35 an ounce by 10.22am GMT, while US gold futures for April delivery fell 0.2% to $1,318.70 an ounce. The dollar index was up 0.17% at 90.047, while the dollar jumped to a two-week high against the yen. A higher US CPI reading could stoke expectations that the Federal Reserve will likely...
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