The US Consumer Price Index (CPI) inflation eased to 3.1% in January YoY from 3.4% in December. The ongoing geopolitical tensions in the Middle East and Eastern Europe might cap the downside of the gold price.
Gold price (XAU/USD) drops below the $2,000 psychological mark during the early Asian session on Wednesday. The stronger US inflation data exerts some selling pressure on the yellow metal as it diminishes hopes of an early rate cut. The gold price currently trades around $1,992, unchanged for the day.
Meanwhile, the US Dollar Index (DXY), an index of the value of the USD measured against a basket of six world currencies, traded near US$104.85 after reaching a three-month high of US$105.00.
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