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Bullion Stronger Again Today, Waiting For US CPI & FOMC Minutes

GOLD

Gold prices are higher again during the APAC session today ahead of US CPI data. Bullion is 0.7% higher to around $2017.65/oz after rising 0.6% on Tuesday on the back of a weaker dollar. The USD index has been range trading on Wednesday.

  • Gold has been trending higher since the banking turmoil in the US began. It is currently trading close to its intraday high of $2019.42 and is heading towards resistance at $2032.10, the April 5 high, but is still some way off it. On Tuesday the high was $2009.52.
  • The focus later today is on US CPI data for March, as markets look for direction on the Fed. While the headline is expected to ease to 5.1% from 6%, core is forecast to rise 0.1pp to 5.6% (see U.S. CPI Preview: April 2023). In terms of the Fed, the FOMC minutes for March 22 are published and there are also a number of speakers including Kashkari, Barkin and Daly.
Energy BulletsCommodities
Energy BulletsCommodities

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