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Steady Ahead Of US PCE On Thursday

GOLD

Gold is steady in the Asia-Pac session, after closing little changed at $2030.48 on Tuesday.

  • There has been very little movement in precious metals over the past 24 hours in line with the narrow ranges for the USD index as market participants await US PCE inflation on Thursday. The core PCE price index is expected to show a rise.
  • For a market that still has an aggressive easing cycle priced despite the recent paring of easing expectations, participants will be particularly wary of any upside surprise from the PCE data.
  • The Federal Reserve has specified that bringing inflation back toward its 2% target is necessary before it will start to cut borrowing costs.
  • The swap market assigns around a 50% chance of a June rate cut, with little likelihood of any move before then. Lower rates are typically positive for bullion, which doesn’t offer any interest.
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