Gold Inches Higher as Dollar Wilts on Mixed May CPI Data

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But the precious metal remained range-bound, with headline CPI and the Empire index on manufacturing activity both coming in stronger than expected, limiting losses in the dollar, analysts said.

Gold edged higher in afternoon trade after the core May US consumer price index came in below expectations, triggering a dip in the US dollar against the major currencies.

But the precious metal remained range-bound, with headline CPI and the Empire index on manufacturing activity both coming in stronger than expected, limiting losses in the dollar, analysts said.

At 2.18 pm, spot gold was trading at 653.70 usd an ounce against 652.00 usd in late New York trade yesterday...But with oil prices relatively flat and the bond markets steady, the blip in the dollar is not expected to have a sustained effect, analysts said. The precious metal is still seen trading within its 650-654 usd range this afternoon.

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