BENGALURU- Gold prices edged lower on Wednesday as the US dollar and Treasury yields held firm ahead of key inflation data, which could offer more clarity .
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Gold prices eased on Tuesday as the
U.S. dollar firmed, the metal backing away from a record peak
hit in the previous session as a fusion of bullish factors
including growing U.S. rate cut bets and.
According to recent customs data, overseas purchases of physical gold fell to 136 tons in April, marking a 30 per cent decrease from the previous month and the lowest total for the year.
Gold prices eased on Tuesday as the US dollar firmed, the metal backing away from a record peak hit in the previous session as a fusion of bullish factors including growing US rate cut bets and geopolitical risks drove safe-haven demand. Spot gold was down 0.6% at $2,410.73 per ounce, as of 0335 GMT after hitting a record high of $2440.49 on Monday. US gold futures fell 1% at $2,414.00, Reuters reported. The dollar rose 0.1% making greenback-priced bullion less attractive to buyers holding other currencies.