Gold futures entered correction mode in Asia after jumping to $2430 levels yesterday due to a sharp drop in the US dollar. Market focus today is on US core inflation and consumer sentiment data. Gold is set for a third straight weekly gain, supported by softer-than-expected US inflation figures, with headline inflation at a one-year low of 3% in June and the annual core measure at a three-year low of 3.3%. The dollar index fell near 104, expected to decline for the second week, as cooling inflation fuels expectations of a Federal Reserve rate cut in September. MCX August gold is down Rs 113 at Rs 73198 per 10 grams.

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