Gold eases as U.S. CPI takes centre stage

By: Admin
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Feb 12 (Reuters) - Gold edged lower on Monday due to an uptick in the dollar, although prices were stuck in a tight range as investors looked forward to U.S. inflation data and comments from Federal Reserve officials this week.

Spot gold was down 0.2% at $2,020.01 per ounce, oscillating in a $5 range, at 1003 GMT. U.S. gold futures fell 0.2% at $2,034.00 per ounce.

"Gold has seen relatively muted price action in recent sessions, as markets continue to yearn for greater clarity on Fed rate cuts," said Han Tan, chief market analyst at Exinity Group.

"Higher-than-expected CPI data may prompt spot gold to test the psychological $2k mark for immediate support. Spot gold may push above its 50-day moving average if shown lower-than-expected CPI prints that help restore expectations for Fed rate cuts."

https://www.reuters.com/markets/commodities/gold-stalls-thin-trading-eyes-fed-data-packed-week-2024-02-12/