Gold Futures Down as Focus Shifts to US CPI Data
Gold futures edged lower as markets remained cautious ahead of US economic data. Futures fell 0.2% to $2,907.40 an ounce. Gold prices could be volatile this week as changes in tariff policy and key inflation data raise uncertainty, Exness’ Inki Cho said in a note.
Wednesday’s US Consumer Price Index and Thursday’s Producer Price Index could be crucial in the Federal Reserve’s path toward easing monetary policy, with strong numbers likely to weigh on non-yielding assets such as bullion, he said. Gold prices could also be affected by geopolitical developments. US officials are set to meet with their Ukrainian counterparts in Saudi Arabia on Tuesday to discuss a ceasefire with Russia. If reached, gold prices could come under selling pressure due to lower safe-haven demand, Cho wrote.
Source: Bloomberg