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Gold rises toward $4,020 as the US CPI print approaches
Gold was up 0.5% to about $4,020, helped by a weaker US Dollar ahead of June CPI due at 12:30 GMT, while the metal remains below its 20-day EMA near $4,126.1.
Gold prices edged higher in European trading, with XAU/USD up 0.5% to around $4,020 as the US dollar corrected ahead of upcoming US Consumer Price Index data for June.
FXStreet said the US Dollar Index was 0.18% lower near 101.10, a move that can support non-yielding gold. The focus is on how the CPI reading may shape the Federal Reserve outlook, especially after June FOMC minutes highlighted high inflation as a dominant risk.
The article pointed to expectations that headline CPI could cool to 3.8% year-on-year from 4.2% in May, while core inflation is forecast to rise 2.9%. It also noted that higher oil prices tied to ongoing US and Iran military attacks have de-anchored global inflation expectations, which can push central banks toward tighter conditions.
Despite the rebound, FXStreet said gold still shows a bearish near-term bias, with spot trading below the 20-day exponential moving average near $4,126.1. A daily close above that level would be needed to ease bearish pressure, and the July 6 high near $4,202.6 was flagged as a key upside barrier.
Latest closeGold $4,157.80 ▲0.4%|Dollar index 102.12 ▼0.1%