Gold lingers near eight month top

Published on Jan 12, 2023 12:00

Gold held on to recent eight month highs on Thursday, tracking weakness in dollar on expectation that upcoming inflation data from the US will show signs of easing. U.S. consumer price index inflation data is due later in the day and a lower reading could see a less hawkish move from the Federal Reserve after a rapid rise in interest rates through 2022. Besides, recession worries are also benefiting the yellow metal on rising safe haven demand. COMEX gold is currently seen higher by 0.36% at $1885.60 an ounce.