Gold futures finished lower on Tuesday after eight straight sessional gains. Investment appeal of bullion dulled after stronger than anticipated inflation data snapped chances of Fed interest rate cut before June. Inflation rate rose to 3.2% in February, above expectations and January’s figure of 3.1%, while the core rate eased to 3.8% from 3.9%, but still above consensus of 3.7%. Meanwhile, investors keenly awaited US retail sales numbers and producer inflation data due later in the week.
Gold futures for April delivery down by $22.5 or 1.02% to settle at $2166.10 per ounce on the Comex division of the New York Mercantile. While, spot gold dipped by $0.26 points or 0.01% to $2,158.08 per ounce.