Gold came under noticeable pressure again on Tuesday and even dipped briefly to a three-month low of a good $1,830 this morning. Today, investors await the Consumer Price Index (CPI) data from the US. Barring a surprising print, the yellow metal is set to shrug off the release, economists at Commerzbank report.

Gold is continuing to lose the support of financial investors

“Yesterday saw the gold ETFs tracked by Bloomberg register their most pronounced daily outflow to date this year, namely 8.3 tons. Gold is continuing to lose the support of financial investors, in other words.”

“The inflation figures for April will be published in the US today. Like our economists, the Bloomberg consensus expects the inflation momentum to have declined slightly, though this is unlikely to influence the Fed’s monetary policy. In our opinion, the gold price will only be moved by the data if they are significantly surprising and spark a response from the US dollar.”

See – US CPI Preview: Forecasts from 12 major banks, the first decelerating print in a long time