Gold held near its highest level this month, as the dollar continued its retreat on more hawkish rhetoric from the European Central Bank and expectations that inflation may have peaked in the US.
Bullion closed up 0.5% on Monday after earlier hitting $1,735.14 an ounce, the highest since Aug. 30, on the greenback’s slide. The ECB has joined the Federal Reserve in aggressively hiking rates, helping spur a decline in the US currency from a record last week.
The US will release inflation data for August on Tuesday, with markets expecting annual price increases to fall to 8.1%, which would be the second monthly decline from a peak of 9.1% in June. Consumers are also expecting CPI to fall, according to a survey published Monday by the Federal Reserve Bank of New York.
That would ease pressure on the Fed to keep implementing super-sized rate increases, though officials have signaled another 75 basis point hike is likely next week. Gold has slid more than 5% this year as the central bank’s hawkish stance put pressure on non-yielding assets and boosted the dollar.
“Although gold had crawled higher since its rebound from the $1,700 support last week, its slow climb toward psychological resistance at $1,750 has not yet attracted attention sufficiently to convince buyers to follow through on further buying” ahead of more economic data, Avtar Sandu, senior manager of commodities at Phillip Nova, said in a note.
Gold was little changed at $1,724.98 at 8:37 a.m. in London. The Bloomberg Dollar Spot Index dipped 0.3% after falling 0.4% on Monday. Silver and platinum edged lower, while palladium also fell.
Source: Bloomberg
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