Gold Slips as Focus Shifts to US Inflation Data

Published on Aug 07, 2023 13:39

Gold slipped slightly in the Asia electronic trades today as solar came under pressure as investors braced themselves for crucial US inflation data this week that could potentially impact the course of interest rates.

The forthcoming release of the US consumer price index report on Thursday and the subsequent producer price index report have garnered attention. Recent data indicated that the US economy added 187,000 jobs in July, yet the unexpected drop in the unemployment rate to 3.5% and the moderation of wage growth provided a mixed economic picture.

COMEX bullion futures were last seen trading at $ 1971.50 down $4.6 an ounce. The counter has been constantly falling down since hitting the high of $2010 on July 31st. it should find support in the range of $1900-1910 levels. MCX October gold futures were seen trading at Rs 59567 down Rs 87 per 10 grams. The metal continues to face resistance near Rs 60100 mark and support near Rs 59400 levels.