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Gains In Early APAC Trading Unwound Post China CPI

GOLD

After finishing Wednesday down 0.2%, gold has been range bound during APAC trading today and is currently around $2031.65, close to the intraday low but off the high of $2036.40. Bullion fell again following China’s CPI for April printing below expectations and close to zero. The USD index is flat.

  • Gold has spent most of May above $2000 as expectations of a pause in monetary tightening grew and markets became more nervous regarding the US debt ceiling impasse. It rose to a high of $2048.19/oz yesterday on the back of the US CPI data, which showed the annual headline rate slightly below expectations but the other key components as expected. The spike was only brief and bullion fell again reaching a low of $2021.62 despite lower US Treasury yields. Resistance is at $2063, the May 4 high.
  • The Fed’s Kaskari and Waller speak later and there are also US jobless claims and April PPI data. The PPI is forecast to rise around 0.3% m/m resulting in a moderate easing of the annual rates. The BoE meets later and another 25bp rate hike is expected.
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