Gold trading has been confined to a weak sideways range since the beginning of the week, amid the absence of strong economic data affecting the movements of the metal markets since the beginning of the week, amid anticipation of the US inflation figures that will be released at the end of the week tomorrow, Friday.

Gold trading has been confined between the levels of 1836 dollars and 1856 dollars per ounce since the beginning of the week, as it trades in the middle of trading today, Thursday, the ninth of June, before the opening of the American markets, down by about 0.30% at the levels of 1848 dollars per ounce.

Tomorrow, Friday, the markets are awaiting the US CPI consumer price index, which measures inflation for the month of May, as expectations indicate that the annual consumer price index may decline to 8.2% in May from 8.3%, and that the core index, excluding food and energy prices, will decline to 5.9%, compared to 6.2% in April .

The White House, in indirect statements, indicated yesterday, Wednesday, that the inflation figures that will be released tomorrow are expected to come in high due to the continuing impact of the Russian-Ukrainian war on the economy, which raised markets expectations that the US Federal Reserve will accelerate the pace of monetary tightening in the second half of the year.

On the other hand, US Treasury Secretary Janet Yellen confirmed that the 8% inflation level is unacceptable at a time when the US Federal Reserve is targeting 2% inflation levels.

The fluctuations of the yellow metal come from the confusion of traders between the rise of gold supported by inflation fears and the uncertainty about the Russian-Ukrainian war, and between the decline of gold due to the tightening of monetary policy of the US Federal Reserve, which is considered a negative thing for gold.

Meanwhile, the World Gold Council’s monthly report showed that global investment funds reduced their gold holdings by 53 tons in May, after four months of strong buying of the metal, affected by the high pace of monetary tightening by the Federal Reserve and raising US interest rates.

Silver, in turn, is trading at $21.96 per ounce, down by 0.33%.

Platinum is trading at $982 levels, down by 2.34%, while palladium is up 0.4%, trading at $1,943 thousand.