Gold price is licking its wounds near $2,160 after witnessing about 1% percent correction from near record highs of $2,195 on Tuesday.
Gold price holds steady after plunging on Tuesday following hot US CPI data. Dollar and Treasury yields pause their rebound amid USD/JPY decline. With US CPI out of the way, the focus shifts to Thursday’s Retail Sales and PPI data. Gold sellers are catching a breath, as the US Dollar and the US Treasury bond yields pause their recovery momentum, fuelled by hotter-than-expected US Consumer Price Index data.
Reuters reported that “Ukraine pounded targets in Russia on Tuesday with dozens of drones and rockets in an attack that inflicted serious damage on a major oil refinery and sought to pierce the land borders of the world's biggest nuclear power with armed proxies.” Markets will continue to assess the US data and its implications on the Fed interest rates outlook amid a data-light US calendar ahead.
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