Gold Opens Higher as Investors Await US Inflation Data, More Fed Comments

Gold prices advanced on Monday, supported by a slight pullback in the dollar, as investors remain attentive to US inflation data due this week and more comments from Federal Reserve officials on the rate hike cycle. of interest.

Spot gold added 0.2% to $1,853.89 an ounce by 10:33 GMT, after falling from a one-month high of $1,873.79 an ounce on Friday.

gold futures in USA They rose 0.4% to $1,856.80 an ounce.

The dollar index fell 0.2%, making bullion more attractive to holders of other currencies.

“It seems that the market has stopped a bit waiting for the next data that could be a great driver (of prices)”said Craig Erlam, senior market analyst at OANDA.

“The data from inflation of USA on Friday will be critical… If we see another reading this month that indicates that the inflation is declining more slowly than expected, that could really affect confidence, once again.”he explained.

Most of the analysts surveyed expect the consumer price index for USA mark an increase of 0.7% in May, after rising 0.3% in April.

On the technical front, spot gold could retest the resistance threshold of $1,867 an ounce, and a rally above that level could lead to a rise to as high as $1,879 an ounce, according to the Reuters analyst. Wang Tao.

Among others precious metalssilver rose 1.8% to $22.31 an ounce, palladium jumped 2.4% to $2,022.80 an ounce and platinum rose 1.6% to $1,029.76 an ounce.