Gold Down $18; Investors Seek Cues from US Inflation Numbers

Published on May 13, 2024 13:04

Gold prices fell below $2360 per ounce in Asia electronic trades Monday as investors turned their focus to upcoming US inflation reports. They are seeking further clues on the Federal Reserve`s monetary direction amid mixed signals from Fed officials. The Producer Price Index (PPI) is due on Tuesday, with the Consumer Price Index (CPI) following on Wednesday. Gold has surged nearly $400 this year, hitting a new lifetime high of $2,448 per ounce driven by sustained central bank purchases, increasing demand from Asia, and worsening tensions in the Middle East, which boost the safe-haven appeal. MCX bullion futures slipped by more than Rs 500 at Rs 72200 per 10 grams.