Gold prices remain stuck in a narrow range on Tuesday as investors refrain from taking major positions ahead of the upcoming U.S. inflation data. The release of the consumer price index (CPI) data, scheduled for Tuesday, and the producer price index data, scheduled for Wednesday, are being eagerly anticipated by market participants worldwide. Wall Street economists are expecting the headline CPI to show a 0.1% rise in October, compared to a 0.4% increase in September. The core inflation number is expected to remain unchanged at 0.3%. The data could result in a modest repricing of the likelihood of another interest rate hike, which would have a negative effect on gold. Although gold is typically seen as a hedge against inflation, higher interest rates raise the opportunity cost of holding the precious metal. Federal Reserve officials, including Chair Jerome Powell, have recently expressed uncertainty about whether rates are high enough to combat inflation. The current market expectation is that the Fed will leave rates unchanged in December. Speculators in COMEX gold have reduced their net long positions, adding further pressure on the precious metal. In terms of other precious metals, spot silver rose 0.2%, platinum gained 0.4%, and palladium climbed 0.7%.