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Commodities

Gold Prices Ease After Three-Month High Ahead of US Inflation Data

Guavy AI Editorial Team
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Gold
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Gold prices retreated on Tuesday after reaching a three-month high of $4,696.58 an ounce. The precious metal was down 0.2% at $4,640.39 per ounce as of 0334 GMT, while US gold futures remained steady at $4,696.00.

Market analyst Tony Sycamore at IG expects dips in gold to be well-supported by buyers looking for the metal to reach its next upside resistance at $4,900/$5,000.

The surge in gold prices last week was attributed to the US Treasury Department's plans to double the size of liquidity-support buyback operations for longer-dated notes and bonds. This move renewed concerns about currency debasement and supported demand for the precious metal.

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