Gold trades in tight range ahead of US inflation print

Singapore, May. 10 (Us): Gold prices fell in a narrow range on Wednesday as traders prepare for key US inflation data due later today, which could influence the Federal Reserve’s policy stance.

Spot gold was down 0.1% at $2,031.43 an ounce as of 0402 GMT. US gold futures fell 0.2% to $2,038.20, Reuters reported.

US Consumer Price Index data is due at 1230 GMT.

Harish V, head of research at Geojit Financial Services, said that if US inflation remains moderately controlled, it could lead to a temporary pause in the Fed’s rate hikes, which will weaken the dollar and support gold.

Markets are currently placing an 83% chance that the US central bank will hold interest rates at their current level in June.

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