dollar in anticipation of pivotal US inflation statistics, the trajectory of gold futures took a downturn early on Monday.
The April delivery of gold witnessed a decrement of $6.20, settling at $2,032.50 per ounce.
This descent precedes the impending revelation of the US January consumer price index on Tuesday. Marketwatch projects a deceleration in inflation to an annualized rate of 2.9%, a retreat from December’s 3.4%. When excluding the volatility of energy and food prices, inflation is anticipated to diminish to 3.7% from the previous 3.9%.
Saxo Bank highlighted that “Gold remains ensnared within a narrow trading spectrum,” underlining the forthcoming US inflation report as a potential pivotal force for gold.
The dollar, anticipating the crucial report, exhibited an upward surge, with the ICE dollar index gaining 0.07 points, reaching 104.18.
Meanwhile, Treasury yields exhibited a decline. The US two-year note displayed a yield of 4.472%, down by 1.2 basis points, while the 10-year note saw a reduction of 1.0 basis points, settling at 4.158%.