2022.12.0809:23:00UTC+00Gold Edges Lower As Dollar Rebounds Ahead Of Central Bank Meetings

Gold prices ticked lower on Thursday after climbing more than 1 percent in the previous session, helped by a pullback in the greenback and bond yields.

Spot gold eased 0.2 percent to $1,782.16 per ounce, while U.S. gold futures were down 0.2 percent at $1,793.85.

The dollar recovered slightly today, as investors keenly awaited U.S. inflation data as well as the outcome of the Fed, ECB and Bank of England policy meetings next week for further clues on the direction of monetary policy.

The Bank of Canada on Wednesday hiked its key overnight rate by half a percentage point to the highest level in almost 15 years and signaled it was nearing the end of its unprecedented tightening cycle.

A report on weekly jobless claims may attract some attention later today, although trading may be somewhat subdued ahead of Friday's reports on producer price inflation and consumer sentiment.

The University of Michigan's preliminary report on consumer sentiment includes readings on inflation expectations that could impact the outlook for interest rates.