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Gold Approaches $2040 Amid Dollar Softening Ahead of Key US Inflation Data

Published on Jan 11, 2024 13:31

In Asia trading on Thursday, gold advanced toward $2040 per ounce, recovering from earlier losses and capitalizing on a weakened dollar ahead of crucial US inflation data. The dollar index dipped below 102.2 for the second consecutive session as traders anticipated the inflation figures. While there is now a 60% chance of the Fed starting easing by March, down from nearly 90% a week ago. MCX February bullion futures in India traded at Rs 62,230 per 10 grams, with international prices hovering around $2,033.25 per troy ounce. Attention is focused on the upcoming U.S. Consumer Price Inflation (CPI) report at 1330 GMT, followed by producer prices data on Friday.

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