Gold Slips Below $5,200 Ahead Of US CPI Data

(RTTNews) - Gold prices were subdued on Wednesday as investors braced for key U.S. CPI data due later in the day that could help reshape expectations for Federal Reserve policy. Spot gold was little changed at $5,193.85 an ounce while U.S. gold futures were down 0.8 percent at $5,202.76.

Investors positioned themselves for key U.S. inflation readings that could influence Fed policy expectations.

The U.S. Department of Labor will release the February Consumer Price Index report later in the day while the Personal Consumption Expenditures index, the Federal Reserve's preferred inflation gauge, will be published on Thursday.

The dollar wobbled as traders awaited cues on what comes next in the U.S.-Israeli war on Iran. With Iran retaliating across the region and stopping oil shipments, some analysts expect the war to run for months.

As the war stretched into its 12th day, Tehran is keeping up pressure, firing missiles and drones at targets across the Gulf while facing heavy strikes from the United States and Israel.

The Islamic Revolutionary Guard Corps (IRGC) today said it had fired four missiles at the headquarters of U.S. forces in the Middle East.

The besieged ?Tehran government warned ?its state security forces were ready ?with "fingers on the trigger" to confront any revival of anti-government protests.

Elsewhere, the Qatar's Ministry of Defence said that the country's military had intercepted a new missile attack aimed at the Gulf nation.

The United Nations Security Council is expected to vote later in the day on a resolution sponsored by the Gulf Cooperation Council (GCC) demanding that Iran stop attacking its Arab neighbors.