Gold rangebound as traders await US inflation data

Gold traded in a tight range on Wednesday as investors eyed more data on US inflation and cues on monetary policy from the European Central Bank , while weaker bond yields offered some support to the metal.

Spot gold was up 0.1% at $1,893.80/oz, as of 5.24am GMT, while US gold futures rose 0.1% to $1,896.60. “The market is still of the opinion that it [the Fed] is going to a dovish taper and we have inflation aspects, which should be relatively positive for gold.” Data out of China showed May factory gate prices rose at their fastest pace in over 12 years, while consumer prices increased for the third consecutive month.

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