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Gold Sees Little Post-CPI Support as Firmer Greenback Weighs

COMMODITIES
  • Oil benchmarks remained firm Wednesday as markets continued to lack any clarity of the resumption of capacity through the hacking-hit Colonial Pipeline, which kept gas prices elevated across the Southern US states, prompting further sporadic reports of panic buying and stockpiling of energy products.
  • WTI crude futures rallied to touch $66.63, just shy of the May highs. A break and hold above that level of $66.76 would open the early March cycle highs and resume the multi-month uptrend.
  • Gold faltered under the weight of a rallying greenback Wednesday, shrugging off any support that may have stemmed from the surging inflation rate in the US. Prices managed to hold above the week's low of $1818.13, however, which remains the first key support.
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