Gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited U.S. inflation data that could offer more cues on the Federal Reserve's rate-hike policy path.
U.S. gold futures were up 0.5% at $1,946.00.fell 0.2% to its lowest level since May 11. Benchmark 10-year U.S. Treasury yields also slipped to their lowest in nearly a week.
"There has been some renewed confidence in gold prices lately, given the broad expectations for the upcoming U.S. CPI to reflect further moderation in pricing pressures," said Yeap Jun Rong, market strategist at IG. Economists polled by Reuters expect inflation data for June, due at 1230 GMT, rising by 3.1%, after May's 4% jump, which would be the lowest reading since March 2021. Core rates are expected to have dropped to 5% from 5.3%, still significantly above the Fed's 2% target rate.
Markets see a 92% chance of the Fed raising rates by 25 basis points at their policy meeting on July 25-26, as per CME's Fedwatch tool.While a few Fed members said on Monday the central bank was
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