Gold sees solid gains, US inflation figures in focus

Published on May 10, 2024 17:21

COMEX Gold futures soared sharply today, adding to massive gains in overnight trades as a bounce from one month low under $2300 per ounce extended. The commodity jumped 1.70% today to trade at $2380 per ounce. These are the highest levels in last two weeks for the counter. Gold has galloped despite firm equities. The US dollar index that measures the greenback against a basket of currencies is quoting at 105.11, almost unchanged on the day, softening after good gains this week. Investors now await next week`s April US producer price index (PPI) and the consumer price index (CPI) for clarity on the inflation trend trajectory.