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June 9, 2021

Slow Gold Movement, What Happened?

 Gold prices traded little changed on Wednesday as investors refrained from taking risks ahead of US inflation data and the European Central Bank (ECB) policy meeting this week.

The opening of the European session saw gold trading hovering around $ 1,892 per ounce, while gold futures were positive at $ 1,894 per ounce.

The 10 -year U.S. treasury yield benchmark continued to weaken after falling to a more than a month -long low following the NFP jobs report, helping to strengthen gold trade.

However, the precious metal moved with limited movement as investors took a cautious approach while awaiting the US consumer price index report on Thursday.

U.S. jobs data released last Friday, makes investors more wary of the forthcoming inflation data as it will be a clue to the Federal Reserve to set policy.

While the ECB is also expected to hold a policy meeting on the same day, where investors expect the central bank to remain with a very loose monetary policy.