Gold confirms uptrend, entry buy today

Gold prices fell in today's Asian session, consolidating some recent gains as traders turned more biased towards the dollar ahead of key US inflation data later in the week.

The yellow metal saw some strength last week as some signs that the US economy was cooling sparked speculation of a rate cut by the US Federal Reserve (FED). capacity in 2024.

However, gold remains below record highs hit in April and is expected to trade in a tight range ahead of this week's inflation data.

The broader gold and metals market is ahead of key US inflation indicators this week.

Producer price index data for April will be available on Tuesday, while more closely watched consumer price index data will be available on Wednesday.

Any signs of inflation trouble are likely to further dampen expectations for a U.S. interest rate cut this year, boosting the dollar and pressuring metals prices.

The greenback stabilized after recent fluctuations. Data on Friday showed US consumer confidence weakened significantly in May, but inflation forecasts remained high next year.

Rising precious metals prices were also pressured by this week's inflation figures, as higher interest rates for longer increased the opportunity cost of investing in metals markets.