The opening of trading on Wednesday saw the precious metal gold strengthen at a nearly two-week high as investors took cautious steps ahead of the release of US inflation data.
US inflation data is expected to show a higher increase in January, where on an annual basis it is forecast to rise to 7.3% after strong employment data last week.
The 10 -year US treasury yield also recorded an increase following those expectations, but was lower in the Asian session than the highest level since November 2019 reached in the previous session.
The golden yellow metal, which is usually considered a hedge to inflation, came in high demand from investors ahead of the release of data on Thursday.
Gold also took advantage of the weakness displayed by the US dollar to rise higher, as well as supported by geopolitical uncertainty in Eastern Europe that continues to plague the market.
At the time of writing, spot gold is trading steady at $ 1,827 per ounce, while gold futures are up around $ 1,828 per ounce.
