Gold and Silver Prices React to US Inflation Data
TL;DR Summary
Gold and silver prices fell due to profit-taking by speculative futures traders after the US inflation report came in close to market expectations. The US CPI rose 0.4% from March and 4.9% YoY, while the April core CPI was up 0.4% from March and 5.5% YoY. China is expanding its gold reserves and may be abandoning the US dollar, which could weaken the dollar's dominance as the global reserve currency. The US debt ceiling remains a concern as no agreement was reached between President Biden and congressional leaders to raise or suspend it.
- Gold, silver sell off on profit taking; US PPI now in focus Kitco NEWS
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- Gold prices jump to session highs at $2050 an ounce as U.S. annual CPI rises 4.9% in April; less than expected Kitco NEWS
- Gold move back towards record high, following US inflation report [Video] FXStreet
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