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Gold Advances as Weak CPI Boosts Fed's Rate-Cut Case


Thursday, 13 June 2019 15:33 WIB

GOLDEMAS


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Gold climbed for a second day as weaker-than-expected U.S. inflation data bolstered the case for the Federal Reserve to cut interest rates.

The core consumer price index, which removes energy and food costs, rose 2% in May, according to a Labor Department report Wednesday, while monthly core price-rises, as well as a wider measure of annual inflation, also came in below estimates. The market-implied odds of a July cut increased, with Fed funds futures indicating almost a quarter-point of easing in the next two months.

Also in focus are the the latest developments on the trade front with President Donald Trump saying he had no deadline for China to return to negotiations, other than the one in his head. Investors may also turn their attention to the Gulf of Oman, where two tankers were damaged in a suspected attack.

Spot gold +0.4% to $1,338.23/oz at 8:25am in London after +0.5% Wednesday.

Source : Bloomberg


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