Gold retreats ahead of US inflation data; MCX futures drop over 1%

Gold futures slipped below $4,200 an ounce in Asian trading on Monday as a firmer US dollar and declining oil prices weighed on bullion. Hopes of improved Russian diesel supplies and an immediate Russia-Ukraine energy ceasefire eased concerns over fuel-driven inflation, reducing support for the safe-haven metal. The US dollar index held above 102 as investors awaited September CPI and PPI data this week for fresh clues on the Federal Reserve?s policy outlook. On MCX, December gold futures fell more than 1% to ₹149,870 per 10 grams. Looking ahead this week, investors will focus on US inflation, retail sales and industrial production for clues on the Federal Reserve?s policy outlook. China?s inflation and trade data, Eurozone inflation and industrial production, and India?s CPI, WPI and trade figures will also be closely watched.

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