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GOLD: Gold Prices Up on Steady US Inflation.  

GOLD
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  • Gold’s good run continued overnight following the US inflation print firming up expectations for a rate cut.
  • US consumer prices rose in line with expectations at +2.7% y/y, whilst moderately up from the prior month.
  • Core CPI rose +0.3% MoM as expected.
  • Markets reacted favourably to the data with the cut now almost 100% priced in versus only <90% as of start of the week.
  • Starting the US trading day at US$2,694.25 gold rose steadily all day to close at $2,718.23.
  • The supportive CPI is an additional positive factor for gold this week following news of China’s Central Bank – the PBOC – has resumed purchases of bullion.
  • Gold was up +0.89% in price yesterday, marking the fourth consecutive day of positive returns and on track for a strong week. 
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  • Gold’s good run continued overnight following the US inflation print firming up expectations for a rate cut.
  • US consumer prices rose in line with expectations at +2.7% y/y, whilst moderately up from the prior month.
  • Core CPI rose +0.3% MoM as expected.
  • Markets reacted favourably to the data with the cut now almost 100% priced in versus only <90% as of start of the week.
  • Starting the US trading day at US$2,694.25 gold rose steadily all day to close at $2,718.23.
  • The supportive CPI is an additional positive factor for gold this week following news of China’s Central Bank – the PBOC – has resumed purchases of bullion.
  • Gold was up +0.89% in price yesterday, marking the fourth consecutive day of positive returns and on track for a strong week.