Gold edged up in early Asia, supported by mild US inflation signs that support the case for further Fed rate cuts that would boost the appeal of the non-interest-bearing precious metal.
Economic data released Tuesday showed CPI rose a seasonally adjusted 0.2% in April, but year-on-year CPI cooled to 2.3% last month, the lowest level in four years. Moreover, a "thinning sell-off" in the precious metal appears likely, TD Securities' Daniel Ghali said in a research note.
Despite the US-China trade deal, inflows into Chinese gold ETFs continued to strengthen, the senior commodity strategist noted. Spot gold was up 0.1% at $3,252.70/oz. (Newsmaker23)
Source: Dow Jones Newswires
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