Gold futures fall ahead of key U.S. economic data. Futures are down 0.3% at $3,394.40 a troy ounce. If Tuesday's Consumer Price Index data comes in soft, pressure will mount on the Federal Reserve to cut interest rates further, benefiting non-interest bearing bullion, Commerzbank analysts say in a note.
Gold prices came under pressure in the prior session, falling sharply on a stronger U.S. dollar and renewed hopes for an end to the Russia-Ukraine war sapping safe-haven demand, Commerzbank says.
Gold prices on U.S. commodities exchange Comex were further weighed down by expectations that import tariffs announced by U.S. Customs and Border Protection on certain gold bars would be reversed, which was confirmed by President Trump in a social media post, Commerzbank adds.
Source: Bloomberg
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