Gold Price Corrects Amid US Inflation Data Focus

Gold prices corrected on August 10 after reaching a 7-week high at the end of last week, according to data from Vietnam. The precious metal's price decreased to around $4,321.9 per ounce, down from its peak earlier in the week.

The correction was likely due to short-term profit-taking by investors, as the market had surged sharply in the previous sessions.

However, expectations of the US Federal Reserve's monetary policy remain supportive for gold prices. Recent data showed that the US economy lost jobs in July, and the number of jobs added in the previous two months was significantly reduced.

This has led to a decrease in market expectations for the Fed raising interest rates in September, which is beneficial for gold as it does not yield yields.

The focus this week will be on US inflation data, with the consumer price index (CPI) expected to be released on Wednesday and the producer price index (PPI) on Thursday. A cooling down of price pressure could strengthen expectations that the Fed will maintain interest rates, supporting gold prices.