Gold prices are currently in wait-and-see mode as traders look to U.S Inflation data for clues on the precious metals next big move.
CPI Inflation data for May, which is scheduled for release on Thursday will take centre stage this week – especially after April’s CPI reading showed the largest monthly gain in core inflation since 2008 with CPI jumping a sizzling 4.2% from a year earlier.
So far this year, the Fed has remained adamant that inflation will run hotter than its traditional 2% goal, as the global economy continues to rebound from the pandemic-induced recession.
Federal Reserve officials have also dismissed surging inflation as being only ‘temporary’. However traders are unconvinced and are questioning whether the Fed has unleashed a beast that they can no longer control.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
