Gold is slumping from record highs as focus on inflation and a firm US dollar are capping the upside in the yellow metal after a wild ride over last few weeks. The COMEX Gold futures slumped around 2.80% in last session as a break under $2400 per ounce led to excess selling pressure. Signs of easing fears of a wider Middle East conflict continued to weigh on the metal as prices drifted down further today. The counter currently trades at $2315 per ounce, down 1.30% on the day. These are the lowest levels in last three weeks for the commodity. Meanwhile, the broad focus will now shift on the release of the U.S. personal consumption expenditures (PCE) report on Friday. MCX Gold futures are trading at Rs 70481 per 10 grams, down 1% on the day. The counter melted 2.26% in last session, shedding 6.52% in the open interest and indicating steady long unwinding.

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