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

13-May-24   13:04 Hrs IST
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.

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