Gold Dips as Investors Await US Inflation Data

Published on Mar 12, 2024 14:12

Gold prices retreated in Asia trading as investors adjusted their positions ahead of the key US inflation reading. The US CPI index is expected to remain high in February due to increased gasoline prices, but core inflation is likely to slow. Meanwhile, Argentina`s central bank reduced its benchmark interest rate from 100% to 80% in response to a slowdown in the monthly inflation rate and a strengthening peso against the US dollar. Other US economic data this week includes retail sales, producer price index, and jobless claims. Last week, gold rose 4% as the US dollar weakened and as central bank officials hinted at rate cuts. MCX April gold futures fell by nearly Rs 100 to Rs 65938 per 10 grams.