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Gold eases, Investors wait for US inflation data

ByVictoria

Gold eased on Wednesday as the dollar ticked up, while investors awaited U.S. inflation data to gauge the Federal Reserve’s rate cut path amid trade tensions and economic slowdown fears and market focussed on news of a potential Ukraine-Russia ceasefire.

Spot gold fell 0.2% to $2,908.93 an ounce as of 0720 GMT, while U.S. gold futures lost 0.2% to $2,908.93.

“Gold is operating in ‘consolidation mode’ ahead of the next batch of U.S. inflation data,” KCM Trade chief market analyst Tim Waterer said.

“I expect gold to remain a favoured asset whilst investors are concerned about tariff wars and growth slowdowns. So, the bias for gold remains to the upside due to ongoing tariff dramas,” Waterer said.

Spot silver shed 0.7% to $32.70 an ounce, platinum rose 0.7% to $981.29 and palladium slipped 0.8% to $938.00.

Source – Reuters

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