Gold investors eye US data

Gold gained value as the dollar weakened ahead of a series of economic data to be released this week in the US that could shed light on the Fed’s path of rate hikes. Gold rose alongside the weakening dollar ahead of the release of new economic data, including the Fed’s favorite inflation indicator, which could provide clues about the path of interest rate hikes in 2023. Spot gold, which started the day flat, is around $1,814. Gram gold is close to record levels. A series of economic data including GDP, unemployment benefits, new real estate sales and durable consumer goods will be released in the US over the next two days. On the other hand, it is expected that the decreasing liquidity situation will worsen with the approach of the holiday season. The aggressive monetary tightening implemented by the Fed this year had caused bond yields and the dollar to rise, putting pressure on gold. The latest inflation data, which came below expectations in the US, caused some of the declines experienced in recent weeks in the precious metal to reverse.