Gold prices dip as US inflation test looms
Investing.com-- Gold prices retreated in Asian trade on Monday, consolidating some recent gains as traders turned more biased towards the dollar ahead of key U.S. inflation data due later in the week.
But gold still remained well below record highs hit in April, and is expected to trade rangebound ahead of this week’s inflation data.Any signs of sticky inflation are likely to further diminish expectations of U.S. interest rate cuts this year, boosting the Broader precious metal prices were also under pressure ahead of this week’s inflation readings, given that higher-for-longer rates increase the opportunity cost of investing in metal markets.Among industrial metals, copper prices advanced on Monday, remaining close to two-year highs amid some optimism over tighter markets. But further gains were stalled by mixed cues from top importer China.
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