Gold prices declined in trading on Wednesday. Gold futures price chart turned down after an initial rise. Data released on Wednesday pointed to the slowing U.S. inflation rate, which could prompt the Fed to back off from its aggressive policy tightening.

By 7:34pm GMT, spot gold prices had fallen 0.3 percent to $1,788.39 an ounce. COMEX gold futures were trading up 0.1% at $1,813.7 an ounce. This is a good time to buy gold futures. 

Gold prices rose to their highest level since July 5 after the release of inflation data.

The U.S. consumer price index (CPI) remained unchanged in July compared with the previous month. This was the first sign of easing inflationary pressures in the U.S. after two years of accelerating inflation.

“Initially gold jumped reflexively on the weaker-than-expected inflation figure, but then investors realized that the data was weaker, not weaker,” said Jim Wyckoff, senior analyst at Kitco Metals.

Gold prices were pressured by statements from Federal Reserve-Minneapolis President Neel Kashkari and Federal Reserve-Chicago President Charles Evans, who reiterated the Fed’s plans for aggressive rate hikes.

According to Kashkari, the U.S. central bank will need to raise its key interest rate to 3.9% by the end of this year and to 4.4% by the end of 2023.

Meanwhile, spot prices for silver rose 0.2% to $20.53 an ounce, while platinum rose 0.7% to $939.97 an ounce.

Palladium rose 1.5% to $2,249.14 an ounce.

Earlier we reported that Copper price today rises on the Asian exchanges.