Gold remains calm as investors await US inflation data.
Gold is preparing to close the week with a limited decline as investors wait for US inflation data, which may give clues about the rate of interest rate hikes from the Fed.
Spot gold is traded between the band of 1840-1845 dollars.
The interest in spot gold has been moving in a narrow band for about three weeks, decreased due to rising bond yields and stronger dollar. Tightening monetary policies increase the pressure on gold, as the European Central Bank is the last central bank to raise interest rates.
Senior Market Analyst Edward Moya said, “If the gold turns bearish, it should find support in the $1785-1800 band. In the event of a surprise easing in inflation, it may rise to the level of 1890 dollars.”