Gold Trades Near New Record Before Pivotal US Inflation Print
- Metal hit fresh record above $2,350 an ounce earlier Monday
- Big US data dump starting Wednesday, including CPI, PPI
Higher rates are typically negative for gold, which doesn’t pay interest.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
Gold traded near a fresh record of $2,353.95 as investors shifted focus to a key US inflation reading later this week.
Bullion resumed its advance after being weighed down higher Treasury yields during early US trading hours as the precious metal pays no interest. It was near the new peak reached earlier as traders assessed where policymakers now stand on the timing of their pivot to lower borrowing costs ahead of Wednesday’s March inflation data. The Federal Reserve expects to cut this year, but needs to see more evidence that inflation is easing first. Higher rates are typically negative for gold.