Gold eased below $1,850 an ounce on Wednesday, facing renewed pressure as the dollar and Treasury yields gained some traction, with investors looking ahead to US inflation data to guide the outlook for interest rates. The US consumer price index for May due out on Friday is expected to have gained 5.9% on the year, after an annual rise of 6.2% in April, based on consensus forecasts. The data will be crucial for the path of Federal Reserve policy and whether the central bank will keep raising interest rates beyond July. Meanwhile, risks to the global economic outlook arising from the war in Ukraine, rising borrowing costs, ongoing supply disruptions and high commodity prices continued to offer the bullion some support. Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold is mostly traded on the OTC London market, the US futures market (COMEX) and the Shanghai Gold Exchange (SGE). The standard future contract is 100 troy ounces. Gold is an attractive investment during periods of political and economic uncertainty. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. The biggest producers of gold are China, Australia, United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewelry are India, China, United States, Turkey, Saudi Arabia, Russia and UAE. The gold prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our gold prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.

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