In a slight retreat, gold prices exhibited a decline on the current trading day, predominantly due to a strengthening US dollar against its primary counterparts. This decline comes in the wake of the impending release of pivotal US inflation data.
The financial landscape is eagerly awaiting the unveiling of critical inflation metrics from both China and the United States later this week. These anticipated figures are poised to provide further insights into the economic trajectories of both nations.
Meanwhile, Michelle Bowman, an official within the Federal Reserve, articulated that an additional interest rate hike is likely required to counteract the looming specter of inflation.
The dollar index, a measure of the greenback’s performance against a basket of major currencies, observed a modest ascent of 0.1% at 18:28 GMT, settling at 102.1. During the trading session, the index scaled a zenith at 102.3, while marking its nadir at 101.9.
Conversely, gold spot prices experienced a marginal reduction of 0.3%, translating to a $6.10 downturn as of 18:28 GMT, subsequently settling at $1,970 per ounce.