Gold Climbs After 4-Day Decline as Investors Await Inflation Data

Published on January 11, 2024

Gold prices increased during early trade on Thursday ahead of U.S. inflation data and amid geopolitical tensions, breaking away from a multi-day downward trend. Gold futures were trading at $2,038 per oz. on Jan. 11 as of 03:30 a.m. ET, up from its opening price of around $2,030 per oz. The upsurge came after four days of continuous decline. Investors are now awaiting the release of the Consumer Price Index (CPI) data for December by the U.S. Census Bureau on Thursday morning, which will reveal how inflation has fared since November. The 12-month inflation in November came in at 3.1 percent. With the “U.S. CPI looming, [gold] bears may be taking a cautious approach and lightening their load ahead of the event,” Matt Simpson, a senior analyst at City Index, told Reuters. Economists polled by the outlet expect inflation to be 3.2 percent in December....

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