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Where next for gold?
Last week saw gold taking another rally higher on further relief/confirmation that US inflation has peaked. The US CPI headline print was in line with the consensus of 6.5% and the core was too at 5.7%. These readings were also both down, lower from the prior, and the market continued to sell the USD after these prints even though they had been anticipated. The inflation component of the US Michigan report was a more mixed inflationary bag. The 1-year inflation expectations fell to 4% vs 4.4% expected. This was a reassuring print that the Fed’s rate hiking work was bearing fruit. However, the 5-year inflation ... (full story)