Gold prices react to U.S. inflation data
TL;DR
Gold prices rose after the US inflation report showed that the consumer price index (CPI) came in close to market expectations. The CPI was up 0.4% from March and up 4.9% year-on-year, compared to the forecast of up 0.4% and up 5.0% year-on-year. China is expanding its gold reserves and may be abandoning the US dollar, which could weaken the US dollar's dominance as the global reserve currency. The US government could run out of money by June 1 if the debt ceiling is not raised.
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