GOLD ANALYSIS
Early Friday, gold futures are trending lower as U.S. Treasury yields and the dollar remain steady amid increased expectations that the Federal Reserve would use aggressive rate hikes to combat inflation.
This thinking is being sparked ahead of today's U.S. inflation figures, which could reveal information about the Federal Reserve's monetary policies in the future. Traders are particularly interested in confirmation that the country's decades-long high inflation rate peaked in March. However, some doubters believe this is unlikely due to the recent spike in crude oil and gasoline costs.
Labor Department's Consumer Price Index (CPI), which tracks the cost of a basket of items to urban consumers, is expected to accelerate to 0.7 percent from 0.3 percent. When food and energy products are removed, the CPI is expected to cool a nominal 0.1 percentage point to 0.5 percent.
Year over year, the consensus expects headline CPI to remain at a blazing 8.3 percent, with a "core" CPI reading of 5.9 percent, a welcome 0.3 percentage point decrease.
This thinking is being sparked ahead of today's U.S. inflation figures, which could reveal information about the Federal Reserve's monetary policies in the future. Traders are particularly interested in confirmation that the country's decades-long high inflation rate peaked in March. However, some doubters believe this is unlikely due to the recent spike in crude oil and gasoline costs.
Labor Department's Consumer Price Index (CPI), which tracks the cost of a basket of items to urban consumers, is expected to accelerate to 0.7 percent from 0.3 percent. When food and energy products are removed, the CPI is expected to cool a nominal 0.1 percentage point to 0.5 percent.
Year over year, the consensus expects headline CPI to remain at a blazing 8.3 percent, with a "core" CPI reading of 5.9 percent, a welcome 0.3 percentage point decrease.
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