Globally, gold prices rose for a third day, helped by a weaker dollar and falling US bond yields ahead of inflation data later that could influence how quickly the Federal Reserve will raise interest rates.
Palladium continues to outperform in the precious metals sector because of its relationship to the gasoline market and continued ambivalence towards diesel engines. However, gold, silver and platinum have been much quieter as they waited for a catalyst to reignite interest. Some consolidation on stock markets may be signalling a flip to risk-off trading which should be positive for a safe haven like gold.
The price steadied today from within its short-term range and a sustained move below $1260 would be required to question medium-term scope for additional upside.