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Gold May 15, 2024 08:20:10 AM

Gold Price Trades with Mild Positive Bias, Focus on US CPI and Retail Sales Data

Paul Ploumis
ScrapMonster Author
Later on Wednesday, the US Consumer Price Index (CPI) for April will be released, and it could offer insights into the timing of the Fed's initial rate adjustment.

Gold Price Trades with Mild Positive Bias, Focus on US CPI and Retail Sales Data

SEATTLE (Scrap Monster): The gold price (XAU/USD) trades with mild positive bias on the weaker US Dollar (USD) on Wednesday. The rising gold demand from robust over-the-counter (OTC) market investments, consistent central bank purchases, and safe-haven flows amid Middle East geopolitical risk act as a tailwind for XAU/USD. Nonetheless, the Federal Reserve (Fed) officials' hawkish remarks, including Chairman Jerome Powell's suggestion to keep interest rates higher for longer, might drag the yellow metal lower in the near term. 

Later on Wednesday, the US Consumer Price Index (CPI) for April will be released, and it could offer insights into the timing of the Fed's initial rate adjustment. Also, the Retail Sales for April will be published, and insight into consumer spending trends will be provided. The hotter-than-estimated inflation data could lead the Fed to a more aggressive stance, which boosts the Greenback and exerts some selling pressure on USD-denominated gold. 

Courtesy: www.fxstreet.com

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