Gold resumes decline from nine-year peak, dollar edges up

Gold futures tilted lower in Asian trade off September 2011 highs for the third session out of five, as the dollar index barely edged up following earlier data from China, the world's largest metals consumer, and ahead of US inflation data. 

As of 03:39 GMT, gold futures due in August fell 0.24% to $1,800 an ounce, while the dollar index inched up 0.05% to 96.56. 

Earlier Chinese data showed the trade surplus up to 329 billion yuan, or $46.4 billion in June from 443 billion yuan in May. 

From the US, consumer prices are expected up 0.5% in June, while core prices are estimated up 0.1% m/m, and 0.6% y/y. 

Federal Reserve Governor Lael Brainardis due to speak about the economic and monetary policy outlook at a webinar hosted by National Association for Business Economics. 

The World Health Organization has so far reported over 12.77 million Covid 19 infections worldwide with the death toll touching 570,000. 

The WHO warned that many countries are heading in the wrong direction with Covid 19 cases surging anew and hospitals filling up. 

The Organization's head asserted there won't be a return to normal any time soon, and conditions could worsen if containment protocols aren't followed, as global cases continue to hit fresh record highs. 

Recent data showed global gold funds reported an increase of 2.7% in cash flows, adding 104 metric tonnes of gold, or about $5.6 billion in June, with total increases in the first half of 2020 reaching $39.5 billion, a record high on haven demand.