Gold gains ahead of US inflation data

Published on Apr 12, 2023 11:21

Gold prices continued to move higher on Wednesday on a pullback in the US dollar overseas. The dollar index that measures the greenback against a basket of currencies saw a drag below 102 mark in early Asia on Wednesday, staying cautious ahead of the US inflation data due later in the global day that could provide cues over Federal course of action going forward. The minutes of the central bank`s latest meeting, also due on Wednesday is expected to give some clarity on rate hikes. Concerns of global growth as highlighted by IMF are also seen benefiting the safe haven yellow metal. The IMF stated in its April World Economic Outlook that the baseline forecast for global growth is to fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024. Meanwhile COMEX gold is seen quoting at $2029.80 an ounce, up 0.53% on the day.