GOLD: Intraday Analysis & Forecast

Gold prices rose on Wednesday, taking support from a weaker US dollar and lower Treasury yields, while investors awaited US consumer inflation data that could offer clues on how soon the Federal Reserve can cut interest rates. The U.S. consumer price index data is due at 1230 GMT. Core inflation in April is seen rising 0.3% month-over-month, down from 0.4% the prior month, based on a Reuters poll.

“The focus of the financial markets is firmly set on the US consumer price index after yesterday’s producer price data, seemed to have taken some of the heat off the US dollar and treasury yields, and offered support to gold,” said Ricardo Evangelista, senior analyst at ActivTrades.

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