XAUUSD : Is gold likely to decline after CPI data?
Gold turned down after the US CPI report increased higher than expected.
Gold "free-falled" to $2,319 as the US CPI report exceeded estimates and the market downplayed interest rate cuts.
During the April 10 session, gold prices fluctuated strongly after the announcement of US CPI data exceeding estimates. The precious metal fell from $2,349 to $2,319 and then recovered to $2,348 before weakening again to end the day at $2,328.
Today, the market will receive the US PPI report along with weekly unemployment benefit applications. Currently, gold is rising to $2,339.
Expectations for US interest rate cuts dropped sharply after inflation was announced. The probability of policy easing in the June meeting has decreased from 50% to 22%. The July meeting now shows 40%.
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