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Moved Sharply Higher After US CPI Miss

GOLD

Gold is 0.3% lower in the Asia-Pac session, after closing 1.9% higher at $2415.48 on Thursday, its highest level since May 22.

  • The yellow metal rallied following yesterday’s soft US June CPI data, which showed back-to-back declines for "supercore" prices, increasing prospects for an earlier Fed rate cut.
  • Supercore (services ex-housing) inflation printed negative again, at -0.05% (-0.04% prior), vs +0.27% expected, for the first back-to-back deflations since Aug-Sep 2021. Overall core services printed just +0.13%, vs +0.32% MNI avg (and 0.22% May), the lowest since August 2021.
  • The US calendar will see PPI data later today.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, yesterday’s gains reinforce short-term bullish conditions, resulting in a breach of $2,387.8, the Jun 7 high. This has opened key resistance at $2,450.1, the May 20 high.
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