Gold prices retreat as traders await CPI data

Price action

• Gold futures for August delivery
  GC00,
  -0.73%

  GCQ23,
  -0.73%
  shed $2.30, or 0.1%, to settle at $1,930 per ounce on Comex.

• Silver futures for September delivery
  SIU23,
  -1.46%

  SI00,
  -1.46%
  were marginally lower at $23.62 per ounce.

• Palladium futures for September
  PAU23,
  -4.10%
  fell by $8.10, or 0.7%, to $1,237 per ounce, platinum for October delivery
  PLV23,
  -0.44%
  gained $8.40, or 0.9%, to $926 per ounce.

• Copper for September
  HGU23,
  -0.85%
  fell by 3 cents, or 0.8%, to $3.75 per pound.

Market drivers

Gold prices benefited from the sharply weaker U.S. dollar late last week, but the boost appears to have faded as gold futures have once again stabilized around the $1,930 per ounce level.

It is the latest sign that gold has once again found itself trapped in what Marios Hadjikyriacos, senior investment analyst at XM, described as “a well-defined range.”

Consumer prices are expected to have risen by 0.3% in June, according to the median forecast from economists polled by The Wall Street Journal.

Meanwhile, the ICE U.S. Dollar Index
DXY,
+0.28%,
a gauge of the dollar’s strength against a basket of rivals, rose by 0.2%, to 102.40, helping to push gold lower.