Markets are watching a heavy slate of U.S. economic data this week, including the release of the consumer price index for October.

Gold prices edged higher on Wednesday, steered by speculative buying and a pause in the dollar's rally, even as inflation data showed slower progress on easing price pressures, indicating fewer rate cuts into next year.

Gold held a four-day drop as a sharp rally in the dollar weighed on the metal, even as US inflation data supported the case for another Federal Reserve rate cut next month.

A breakneck rally in stocks ran out of steam, with Treasury yields soaring and the dollar hitting the highest level in two years ahead of a key inflation report.

A rally that drove stocks to a series of all-time highs ran out of steam, with Treasury yields soaring and the dollar hitting a two-year high ahead of key inflation data.Most Read from BloombergThe Leaf Blowers Will Not Go QuietlyArizona Elections Signal Robust Immigration Enforcement Under TrumpScoring an Architectural Breakthrough in Denver’s RiNo DistrictEquities fell after the S&P 500’s biggest five-day run in a year.