Last weekend, after reaching a historic peak of 2,450 USD/ounce, gold prices were profit-taking and sold off fiercely. Gold has lost value partly due to the strength of the dollar, but also because the latest economic data from the US confirms rising inflation risks, leading investors to believe that the Fed will need to maintain limited interest rates. take longer.
In the first three months of 2024, PCE and CPI data showed inflation rose more than expected. April's CPI report revealed that inflation increased slightly more than expected by 0.3% month-on-month and 3.4% year-on-year.
Meanwhile, the employment cost index, the main measure for calculating salaries for civilian workers, also increased more than expected by 1.2% in the first quarter, causing predictions about the possibility that the Federal Reserve will Interest rate cuts have gradually been scaled back.
Markets are now betting on the Fed's first interest rate cut in November instead of September. Rising interest rates hurt the need to hoard non-yielding assets like gold. However, gold prices still increased nearly 3.5% during the month thanks to safe haven capital flows and strong purchasing power from central banks.
In the first three months of 2024, PCE and CPI data showed inflation rose more than expected. April's CPI report revealed that inflation increased slightly more than expected by 0.3% month-on-month and 3.4% year-on-year.
Meanwhile, the employment cost index, the main measure for calculating salaries for civilian workers, also increased more than expected by 1.2% in the first quarter, causing predictions about the possibility that the Federal Reserve will Interest rate cuts have gradually been scaled back.
Markets are now betting on the Fed's first interest rate cut in November instead of September. Rising interest rates hurt the need to hoard non-yielding assets like gold. However, gold prices still increased nearly 3.5% during the month thanks to safe haven capital flows and strong purchasing power from central banks.
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