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Steady Despite Benign US Inflation Data

GOLD

Gold is little changed in the Asia-Pac session, after closing basically unchanged at $2326.75 on Friday. Friday’s move left the yellow metal marginally higher on the week.

  • Bullion was steady on Friday despite news that the Fed’s preferred measure of underlying US inflation, the core PCE deflator index, rose 2.6% from a year ago — the slowest pace since March 2021.
  • The US short term interest rate market shows traders attach a 58% chance of a rate cut being implemented by September.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, a bear threat in gold remains present and the yellow metal continues to trade closer to its recent lows. A clear break of the 50-day EMA, at $2,318.4, would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.
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