Gold ends in green ahead of US inflation data

Gold prices finished in the green today, April 11, as appeal for the bullion mounted in anticipation of US inflation data, which will directly impact the Federal Reserve's forthcoming interest rate decision.

The International Monetary Fund (IMF) trimmed its 2023 global economic growth projections. The institution’s estimates now suggest that the global economy is likely to grow at roughly 3% over the next five years — the slowest medium-term forecast since 1990.  

In an interview with Reuters today, IMF Chief Economist Pierre-Olivier Gourinchas said central banks should not halt their fight against inflation because of financial stability risks, which look "very much contained.”

US consumer and producer inflation readings — due on April 12-13 — are closely monitored for clues about future monetary policy. This is besides minutes from the last Fed meeting in March, which saw the key rate lifted to the range of 4.75-5%.

In terms of trading, gold for June delivery gained 0.80%, or $15.20, to close at $2,019 an ounce, with the most-active futures contract settling above the $2,000 level for a sixth straight session.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, plummeted 0.40% to 102.19 points at 8:52 pm Makkah time.