Gold drifts lower from seven-week peak, US inflation data looms
LONDON: Gold slipped on Monday as investors took profits after prices hit a seven-week high in the previous session, while markets looked to US inflation data for fresh clues on the Federal Reserve's interest rate path.
Gold prices fell from a seven-week high on Monday as investors cashed in profits, ahead of the release of US inflation data which could provide fresh insight into the Federal Reserve's interest rate trajectory. Spot gold declined by 0.5% to $4,322.28 per ounce, while US gold futures slipped 0.4% to $4,381.60. The weakening US jobs data and revisions to earlier job gains contributed to profit-taking.
Analysts anticipate gold will remain above the $4,300 level in the short term due to the stabilising effect of the lower interest rate environment. Upcoming US economic indicators, such as the consumer price index and producer price index, are expected to influence market sentiment and potential gold price movements.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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