Gold gains as U.S. inflation data takes center stage this week

Gold prices rose on Monday, supported by a retreat in the dollar as investors looked forward to U.S. inflation data that could define the Federal Reserve’s moves on interest rates.

Spot gold gained 0.3% to $1,922.89 per ounce by 0313 GMT, having lost 1% in the previous week. U.S. gold futures rose 0.2% to $1,946.30.

Gold should be supported above the $1,900 level if we see the U.S. dollar continue to decline on bets that the Fed are indeed done with their tightening cycle, and the potential for them to cut rates sooner than anticipated, said Matt Simpson, a senior analyst at City Index.

Source: Devdiscourse