Gold subdued on buoyant dollar; investors awaits US inflatio

Gold subdued on buoyant dollar; investors awaits US inflation data


Gold prices inched lower on Tuesday as a rebound in dollar dented the metal's appeal, while investors awaited US consumer price data to measure whether inflationary pressure was building.
Spot gold was down 0.1 per cent at $1,833.00 per ounce by 0721 GMT, after hitting its highest since Feb. 11 at $1,845.06 on Monday.
US gold futures fell 0.2 per cent to $1,834.20 per ounce.
"Although gold extended higher earlier today, it's struggling to continue building momentum and part of that is concern about inflation … it isn't a given that those job numbers mean that the Fed won't act," DailyFX currency strategist Ilya Spivak said.
There is significant resistance for gold within the $1,855-$1,875 zone, while support is around the $1,800 level, Spivak said.

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