Gold Awaits US CPI Data for Next Big Move

Gold is on the rise again, with investors looking to regain the $4,400 level. The metal has found buyers near the $4,350 region and is currently trading at $4,398.04.

The fate of gold hangs in the balance as all eyes remain on the high-impact US Consumer Price Index (CPI) data, which could determine if gold stretches higher or corrects sharply.

No changes have been made to the fundamental backdrop, with the deadlock between the United States and Iran over the talks on the reopening of the Strait of Hormuz and the US and Yemen's Iran-aligned Houthis' separate attacks on shipping continuing to keep oil prices and inflation concerns elevated.