2017.11.1513:37:00UTC+00Gold Lower On Rate Hike Expectations

Gold futures edged lower Wednesday as U.S. inflation data cemented expectations the Federal Reserve will raise interest rates in December.

Gold was down $5.30 at $1277.50/oz, easing from multi-week highs seen early in the session.

The Labor Department said its consumer price index inched up by 0.1 percent in October after climbing by 0.5 percent in September.

The modest increase in consumer prices matched economist estimates. Prices for shelter rose 0.3 percent but energy prices were lower.

Annual headline inflation was 2 percent, down from 2.2 percent in September.

However, excluding food and energy prices, core consumer prices rose by 0.2 percent in October after edging up by 0.1 percent in the previous month.