Gold prices decline before release of US inflation data

Gold prices declined on Thursday, before the release of US economic data and the follow-up to the global developments of COVID-19.

The total number of deaths in India due to COVID-19 over the last 24 hours exceeded 6,000, which is the highest level in the world since the beginning of the pandemic.

Spot gold fell 0.2% to hit $1,884.91 per ounce, and gold futures contracts for August fell 0.3% to reach $1,889.10 per ounce, by 09:35am Makkah time.

Elsewhere, silver dropped 0.6% to $27.84 per ounce, palladium declined 0.5% to $2,785.50 and platinum dropped 0.1% to $1,141.62.

The US dollar index - which measures the performance of the US currency against a basket of six currencies – stabilized at 90.1630 points.

The monetary policy meeting of the European Central Bank is scheduled for later today, June 10, 2021, amid expectations of fixing the interest rate, while attention is directed to the statements of the President of the Bank, Christine Lagarde, after the meeting.

US consumer price index (CPI) data is also due today with expectations of a 0.4% increase, as well as US unemployment claims data from last week is estimated to come in at 370,000.