Commodities

Gold continues to drop ahead of US inflation data

2021-06-10 11:45:47 GMT (Economies.com)

Gold prices fell on Thursday, deepening losses for the third straight day, weighed down by the rising US dollar and ahead of the release of key US inflation data.

 

Gold prices fell more than 0.6% to $1,876.52 an ounce, after opening at $1,888.77, and a high at $1,889.35.

 

Gold lost 0.2% yesterday, in the second straight daily loss, due to weak safe haven demand, despite a retreat in the US Treasury bond yields.

 

The dollar index rose 0.1% today, which weighs down on demand for dollar denominated metals.

 

Investors expect US inflation data to lead to policy tightening by the Fed early next year by reducing bond purchases. 

 

At 12:30 GMT, the US consumer price index is expected up by 4.7% y/y in May from 4.2% in April, and the monthly reading is expected up 0.4% from 0.8%.

 

Gold stocks at the SPDR ETF rose 5.83 metric tonnes yesterday, the largest daily increase since May 21, with the total at 1,043.16 metric tonnes.

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