Gold prices continued to hover around the same price as the US dollar continued to maintain its strengthening ahead of the release of US inflation data on Friday.
In the Asian session, the yellow metal traded steady at $ 1,851 an ounce, while gold futures were little changed at 1,853 an ounce.
The annual US consumer price index (CPI) is expected to decline further in May with an increase of only 5.9% from 6.2% recorded in April.
The figures to be recorded in the inflation data are important to determine the direction of the Federal Reserve’s (Fed) next monetary policy on whether the central bank will continue to raise interest rates after the July edition meeting.
Even with those expectations, the greenback dollar and 10 -year U.S. treasury yields continued to move higher causing demand for gold to remain limited.
Meanwhile, risks to the global economic outlook arising from the war in Ukraine, rising borrowing costs, continued supply disruptions and a spike in commodity prices continue to offer support for gold from falling lows.
