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Bullion Higher Ahead Of US CPI

GOLD

Gold has unwound Monday’s 0.2% loss during APAC trading today and is currently around $1961.27 helped by the lower US yields and USD index. It hasn’t traded above $2000/oz since mid-May, as sticky inflation outcomes have increased risks of further policy tightening. Today’s US CPI and Wednesday’s FOMC meeting will be key to bullion movements.

  • Bullion reached an intraday high today of $1962.22 after a low of $1956.02. It remains clear of support at $1932.20, the May 31 low. Hopes of a pause in Fed tightening have put a floor under prices. Economists expect the FOMC to hold rates on June 14 (see MNI’s Fed Preview here).
  • Later today the focus is on US May CPI (see MNI’s US CPI Preview here), which could impact the Fed outcome, and the headline is expected to ease to 4.1% and core to 5.2%. There is also NFIB small business optimism and real earnings for May. In the UK, labour market/wages data print.
Energy BulletsCommodities
Energy BulletsCommodities

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