In the early morning of the 15th, Beijing time, gold futures prices closed higher on Tuesday. Data showed that US inflation rose at a seven-month low in August, weakening the dollar and supporting gold prices.

Palladium futures fell for the sixth day in a row, closing below the $2000 mark and closing at a 14-month low. The global shortage of computer chips has hurt the demand for palladium in the car industry, putting pressure on its prices.

The US government reported on Tuesday that the US consumer price index (CPI) rose 0.3 per cent in August from a month earlier, down from 0.5 per cent in July. The market expects that number to rise by 0.4%.

Chintan Karnani, an analyst at Insignia Consultants, said the weaker-than-expected CPI data led to a weakening of the dollar, which supported the rise in gold prices.

He also believes that today's CPI data reduces the likelihood that the Fed will scale back its bond purchases early.

On Tuesday, gold futures for December delivery on the New York Mercantile Exchange rose $12.70, or 0.7%, to close at $1807.10 an ounce.

Palladium futures for December delivery on the New York Mercantile Exchange fell $104.20, or 5%, to close at $1975.60 an ounce, the sixth consecutive day of decline and the lowest level since early July 2020.

On May 3, the price of palladium futures rose to an all-time high of $2981.40. Palladium futures on Tuesday are down 33.7% from their record high.