Gold fell slightly in early Asian trade, weighed by stronger-than-expected US data that could dampen hopes for a Fed rate cut. The number of people filing for unemployment benefits fell to a five-week low last week and durable goods orders posted their biggest increase in 11 years.
The focus will likely be on the PCE inflation report due later in the day. Market participants are now looking to upcoming data for further direction, Exness' Krisada Yoonaisil said in an email. Meanwhile, concerns over the Fed's independence could fuel safe-haven demand, the financial market strategist added. Spot gold was down 0.3% at $3,318.80/oz. (alg)
Source: Dow Jones Newswires
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