Key Points
(Reuters) Gold inched lower on Monday as the market focus shifted to U.S. inflation data due this week which could influence the timeline of Federal Reserve interest rate cuts...
U.S. gold futures dropped 0.6% to $2,036.60...
The gold and silver markets are seeing some technicals-based selling pressure due to the lack of fresh fundamental news and are awaiting fresh data points, Wyckoff added...
But while a weaker inflation reading will not change things for the March meeting, it could at least encourage a more serious debate within the Fed around the timing of the first cut, which could be positive for gold, said Craig Erlam, senior markets analyst at OANDA...
While we expect CTA (Commodity Trade Advisors) selling activity this session to weigh on the metal (platinum), every single trend indicator on our radar is already pointing to the downside, suggesting that trend following algos are now running out of dry-powder to sell, TD Securities wrote in a note...
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