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Gold Edges Lower as Traders Lock In Gains Above $5,000 an Ounce
Gold slipped, as traders booked profits after mild US inflation data pushed the metal back above $5,000 an ounce. Bullion fell as much as 0.8% on Monday, after climbing 2.4% in the previous session. The US consumer price index rose 0.2% in January, allaying concerns about a bigger jump and boosting the case for the Federal Reserve to trim rates. Lower borrowing costs typically benefit non-yielding precious metals. In China, markets are closed this week for the Lunar New Year holiday. Demand for precious metals in the country has been frenetic in recent months, prompting authorities in the retail hub of Shenzhen to ... (full story)
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