GOLD: Intraday Analysis & Setup update

Gold prices steadied on Wednesday, after posting their biggest drop in a month in the previous session, as sticky U.S. inflation raised concerns that the Federal Reserve might delay going for an interest rate cut beyond June. Gold’s latest price drop comes as everything falls back to the inflation data, that feeds through into U.S. Fed’s decision making, said Michael Langford, chief investment officer at Scorpion Minerals Ltd. Langford expects a healthy correction of up to about 10% in gold prices from here.

Bullion fell 1.1% on Tuesday, after data showed U.S. consumer prices increased solidly in February, above forecasts and suggesting some stickiness in inflation. This was gold’s worst single-day decline since Feb. 13, when data showed consumer prices also increased more than expected in January.

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