By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia, retreating from a more than two-month high as the strengthened.

The price of $1,828.75 fell 0.11% by 11:24 ET (4:24 GMT), but it remained above $1,800. In the afternoon session, they rose to their highest point since Sep. 3. On Wednesday, the dollar rose slightly, as it usually moves in an opposite direction to gold.

There is still much debate about when the U.S. Federal Reserve would raise interest rates. James Bullard, the St. Louis Fed president, noted that corporations have a high price and has planned two interest rate increases in 2022. Meanwhile, San Francisco Fed President Mary Daly expects “eye-popping” inflation to subside in 2022 as supply-chain bottlenecks subside.

Klaas Knot, President of De Nederlandsche Bank said the Eurozone’s inflation rate could drop back to 2% by 2022. As upside risks are dominant, the European Central Bank needs to be prepared for a more uncertain scenario. He advised that they avoid long term policy commitments.

Easy monetary policy during the COVID-19 epidemic has helped drive economic growth to record heights.

Tuesday’s U.S. data showed that the producer price index (PPI) grew 0.6% and 8.6% . It grew 0.4% monthly, with the final figure due to be released later today.

Asia Pacific released earlier this day that the CPI increased 0.7% and 1.5% respectively in October. Year-on-year, the grew 13.5%.

Silver fell 0.1% in other precious metals while platinum dropped 0.6% to $1052.68. The palladium rose 0.4%.