Spot Gold shed some ground on Wednesday as the US Dollar got an unexpected boost from risk aversion XAU/USD losses, however, are modest compared to other USD rivals, as Gold benefited from its safe-haven condition.
XAU/USD Current price: $2,339.50 The US Consumer Price Index was up by more than anticipated in March. Risk aversion took over financial markets as US CPI backs Fed’s stance on monetary policy. XAU/USD corrects extreme overbought conditions but could still extend gains. Hell broke loose when the United States reported stubbornly high March inflation. According to the Bureau of Labor Statistics , the Consumer Price Index rose by 0.4% MoM and 3.
The Fed is about to publish the Federal Open Market Committee meeting minutes, but this now seems old news and would likely have a limited impact on the USD price. More relevantly, the US will publish the March Producer Price Index on Thursday, while the European Central Bank will announce its decision on monetary policy at the same time.
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