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Bullion Supported By Lower US Inflation, Watch PPI Later

GOLD

Gold prices are up another 0.2% to $2019.25/oz during the APAC session after finishing 0.6% higher on Wednesday at $2014.93. Gold spiked following the lower-than-expected US headline inflation data to a high of $2028.28, which pushed the greenback lower, but soon afterwards bullion tested the $2000 level. The USD is close to flat today.

  • With core inflation in the US rising 0.1pp to 5.6%, as expected, analysts still expect the Fed to hike rates 25bp on May 3. The greater decline in the headline though has supported bullion as the market now expects monetary easing by year end.
  • Later there is US PPI data for March, which is expected to post lower annual growth rates, and also jobless claims. There are no Fed speakers scheduled. There is also euro area and UK February output data.
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