Gold finally broke out of its intraday consolidative trading range and shot to near one-week tops, around the $1723-24 region during the early North American session. The US dollar surrendered its intraday gains and witnessed some selling in the last hour following the release of rather unimpressive US consumer inflation figures. This, in turn, was seen as a key factor that provided a modest lift to the dollar-denominated commodity.
That said, the prevalent upbeat market mood held bullish traders from placing aggressive bets around the safe-haven precious metal. Apart from this, a modest pickup in the US Treasury bond yields further collaborated to cap gains for the non-yielding yellow metal.