Gold prices eased on Tuesday as investors took profits after bullion's rally of more than 1% in the previous session, with traders turning their attention to US inflation data due later in the day.

Spot gold was down 0.6% at $4,115.12 an ounce as of 0238 GMT, Reuters reported, while US gold futures for December delivery edged 0.2% higher to $4,123.90.

The pullback followed a strong start to the week for the metal. Gold climbed on Monday as a sharp fall in oil prices eased worries about inflation, and mining shares were among the biggest gainers in London as the FTSE 100 rose 1% to close at 10,782.87.

Gold miners were among the day's biggest risers in London. Fresnillo rose 125p to 2,638p, while Antofagasta and Anglo American led the wider mining sector higher as precious and industrial metal prices climbed.

Profit-taking before the inflation print

Investors are now waiting for the US consumer price index for October, due later on Tuesday, for clues about the Federal Reserve's next move on interest rates. The report is the last inflation reading before the Fed's December meeting, and traders will watch it closely after Monday's sharp rebound in shares.

Traders currently see an 84% chance that the US central bank will raise rates in December, according to CME's FedWatch tool. A cooler-than-expected inflation reading would likely ease those expectations, while a hotter figure could reinforce them.

Later readings on Tuesday put spot gold near $4,129 an ounce, still above the $4,100 mark. Over the past month, gold has traded between about $3,872 and $4,216 an ounce, according to live price data.

UK gold price eases from Monday's close

In the UK, gold was trading at £3,073.85 an ounce early on Tuesday, down £12.86, or 0.42%, from the previous session's close of £3,086.71. On a per-gram basis, 24-karat gold stood at £98.83.

The metal has held above $4,100 despite the pullback, supported by its role as a haven asset during a period of geopolitical tension and by demand from investors looking for protection against inflation.

Attention will turn next to US producer price data due on Friday, which will give a further read on inflation pressures before the Fed's December decision. For now, the direction of gold will depend less on the metal itself than on what Tuesday's inflation numbers say about the cost of living and the path of interest rates. For now, the metal remains caught between profit-taking on the one hand and haven demand on the other.