Gold has remained subdued as traders sold into a soft-landing theme amid fears of higher-for-longer rates. The modest upside surprise in today’s US inflation data could further compound these fears and keep the precious metals complex on the back foot. 

However, the yellow metal could find support fairly quickly, with additional important data on the calendar for tomorrow. In this sense, a weaker retail sales number on Thursday could provide an offset to the inflation data and offer a challenge to the soft-landing narrative.