NZ dollar off early highs but rangebound ahead of inflation data


USA gold futures for August delivery fell 0.14 percent to $1,215.60 per ounce.

Looking ahead, investors are awaiting a host of US economic indicators, including core inflation, retail sales and industrial production for June later in the session for more insight into how the Fed might proceed. China posted stronger - than - expected June trade figures, bolstering the USA dollar, which advanced against a currency basket.

Gold is out of favour with money managers and it's not the only precious metal facing investor exodus.

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Getty Images Federal ReservBoard Chairwoman Janet Yellen testifies before the Senate Banking, Houseing and Urban Affairs Committee in the Dirksen Senate Office Building on Capitol Hill July 13, 2017 in Washington, DC. She essentially said the USA economy is healthy enough for the Fed to raise interest rates, though inflation and a low neutral rate could leave the central bank with diminished leeway.

Hedge funds and money managers cut their net long position in COMEX gold to the smallest since January 2016 in the week to July 11, as they switched to their first bearish stance in silver in almost two years, US Commodity Futures Trading Commission data showed on Friday.

China is expected to report on Monday that its economy grew 6.8 per cent in April-June from a year earlier, cooling from the previous quarter's robust 6.9 per cent pace.

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Traders will also have the opportunity to react to the latest report on retail sales. Economists are expecting a quarterly rise of 0.2 percent for annual inflation to be running at 1.9 percent. This is because "risk on" or demand for higher-yielding assets is helping to put a lid on any gold rallies.

"Most of the downside in gold this morning was largely due to profit-taking, but more importantly, market sentiment is still on the rosy side and in a more positive environment", said OCBC analyst Barnabas Gan.

Basically, stronger CPI data will be bearish for gold.

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