Gold is steady in the early morning Asian session, but may edge lower in a possible technical correction after the front-month Comex gold contract for August delivery settled at a new record high overnight.
But any losses are likely to be limited ahead of U.S. CPI data due out today. This data could be a critical turning point, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. If CPI also comes in weaker than expected like PPI did, this could further erode USD’s yield advantage, potentially providing a boost to assets such as gold, the analyst adds.
Spot gold is little changed at $2,465.71/oz.
Source: Marketwatch
