Gold heads for lowest close in almost two weeks as investors await U.S. inflation report. Haven demand falls as a gauge of European equities rises for a 7th day.
Bullion for immediate delivery fell 0.4% to $1,317.53/oz, heading for lowest close since March 1.
“The focus is on the key event risk this week, which is today’s U.S. CPI release,” says Jingyi Pan, a Singapore-based market strategist for IG Asia. Muted inflation pressures seen in last week’s payrolls data support “downside bias for the U.S. dollar and vice versa for gold,” says Pan.
In other precious metals, silver weakened 0.2% to $16.4951/oz. Platinum lost 0.2% to $961.78/oz while palladium added 0.2% to $980.13/oz.