Gold (XAU/USD) price registers modest losses on Tuesday, driven by a firm US Dollar as traders await the release of crucial US inflation data and the potential reopening of the Strait of Hormuz. On Wednesday, the US economic schedule will feature the release of the US Consumer Price Index (CPI), with analysts expecting July's headline inflation to be 3.4% YoY, a tenth lower than June. A day after the US CPI, traders will turn to the release of the US Producer Price Index (PPI) and jobless claims, the first of which follows a disappointing July Nonfarm Payrolls report. He reiterated that “prices have been rising too fast, we have an inflation problem, and people hate inflation.” So far, US Treasury yields, which usually correlate inversely to Gold prices, are also down two basis points, at 4.687%.