Golden Doomsayer judgment is that inflation still high
Updated
Gold prices traded higher midafternoon on Wednesday as a report showed US inflation is still high.
Gold for June delivery was last seen up, again near US$2,400 per ounce.
The US Bureau of Labor Statistics on Wednesday reported the April consumer-price index rose by 0.3% from March.
Shelter, gas prices remain sticky.
Notable call-outs from the inflation print include the shelter index, which rose 5.5% on an unadjusted, annual basis, a slowdown from March. The Shelter index (the largest US CPI component with near 32% weight) rose 0.4% month over month and was the largest factor in the monthly increase in core prices, according to the BLS.
Sticky shelter inflation is largely to blame for higher core inflation readings, according to economists.
In technical terms, Gold prices are on positive path, firmly above 26- and 52-weeks SMA, while 50/200-weekly SMA Golden Cross that occurred in 2017, still works pretty well, helps year after year to robust gain in yellow metal.
Technical perspectives are near 2550 and 2800 per XAUUSD ounce in this time.
Gold for June delivery was last seen up, again near US$2,400 per ounce.
The US Bureau of Labor Statistics on Wednesday reported the April consumer-price index rose by 0.3% from March.
Shelter, gas prices remain sticky.
Notable call-outs from the inflation print include the shelter index, which rose 5.5% on an unadjusted, annual basis, a slowdown from March. The Shelter index (the largest US CPI component with near 32% weight) rose 0.4% month over month and was the largest factor in the monthly increase in core prices, according to the BLS.
Sticky shelter inflation is largely to blame for higher core inflation readings, according to economists.
In technical terms, Gold prices are on positive path, firmly above 26- and 52-weeks SMA, while 50/200-weekly SMA Golden Cross that occurred in 2017, still works pretty well, helps year after year to robust gain in yellow metal.
Technical perspectives are near 2550 and 2800 per XAUUSD ounce in this time.
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