Global Gold Market: Gold prices slightly declined as traders await the release of U.S. inflation data
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Gold prices slightly declined as investors were reluctant to make large bets ahead of the U.S. inflation report. Spot gold fell 0.1% to $3,312.85 per ounce, having risen 0.6% so far in May. U.S. futures gold dropped 0.2%. Investors are awaiting the Fed's preferred inflation gauge—the April Personal Consumption Expenditures Price Index data. Federal Reserve officials indicated that there may be two rate cuts this year, but current rates should remain stable. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, saw its holdings rise to 930.20 tons
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