Gold drops, dollar firm ahead of US inflation data

10/06/2022 Argaam

Gold fell below $1,850 today, June 10, while the US dollar was steady, as investors focus on US inflation data that could push US dollar and treasury yields higher, weighing on gold.

 

The US annual inflation rate is expected to rise 8.3% and 0.7% on a monthly basis in May.

 

Gold futures for August delivery declined 0.27% to $1,847 per ounce. Spot gold edged 0.13% lower to $1,845 per ounce.

 

Elsewhere, silver futures for July delivery shed 0.70% to $21.66 per ounce. The spot price of platinum also dropped by 0.23% to$968.74, while palladium added 0.57% to $1,935.

 

The main dollar index, which measures the performance of the US currency against a basket of six currencies, was unchanged at 103.22 points.

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