US economic data has been rather disappointing of late, which weighs against inflation risks in the medium term.

At the same time, Gold remains just below the record high it reached at the end of last week. However, given the recent rather asymmetric reaction to US data, i.e. strong rallies after weak economic data and only temporary setbacks after strong (inflation) data, a retest of the recent highs cannot be ruled out, for example following the US sentiment indicators due today.