Gold retains its shine as US reports soaring inflation

A salesman displays gold bars in Hyderabad, India. Picture: REUTERS/KRISHNENDU HALDER

“If the market doesn’t catch up to the Fed’s pricing of 2% [interest rate], gold will probably remain supported. But will it go higher? That’s the big question. We need to have some more convincing walk-back from the Fed narrative,” Innes said, referring to the catalyst for gold to move out of its current trading range.

After the inflation reading, the dollar weakened to a two-month low, making gold more attractive for overseas investors.

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