As the dollar maintains steady near its one-week high as investors prepare for US inflation data to assess its impact on the Federal Reserve's policy course, gold edged up but is still sitting around seven-week lows. The statistics is anticipated to reveal that although though inflation slowed down more in January than it did the month before, it is still anticipated to remain close to higher levels than the Fed goal zone. This pattern might provide the Fed with sufficient motivation to continue using hawkish language.
In recent sessions, a rise in short-term Treasury yields as well as a strengthening of the dollar put pressure on bullion prices. In his address, Fed official Bowman noted that the US central bank will need to keep raising interest rates in order to bring inflation down to the central bank's target rate.
The figures on the EU GDP will also be highlighted along with the US CPI. On the COMEX, the overall trend may be between USD 1825 and 1870, and on the domestic front, prices may float between Rs 56,250 and 56,900.
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