Gold prices posted modest gains of over 0.22% on Wednesday as the latest inflation report in the United States (US) revealed that prices are cooling. Hence, investors increased their bets that the Federal Reserve (Fed) would resume its easing cycle in September. The XAU/USD trades at $3,327.
May's Consumer Price Index (CPI) in the US provided an opportunity for Gold buyers. The print dipped compared to April's data, and Bullion prices spiked toward a daily peak of $3,360 – in the headline – before erasing those gains.
Uncertainty around negotiations between the US and China will most likely keep Gold prices higher. Although US Commerce Secretary Howard Lutnick said that they've reached a framework to implement the Geneva Consensus, it is pending approval from US President Donald Trump and his counterpart Xi Jinping.
At the same time, the Chinese Vice Commerce Minister Li Chenggang said that talks "involved in-depth exchanges and communication had been rational and candid." He added that he will report on the framework to leaders and expects that the progress could increase trust between the two countries.
Traders' focus shifted to the release of the Producer Price Index (PPI) figures and jobs data. The latest ISM Purchasing Managers Index (PMI) surveys showed that input prices for companies had risen. Although May's CPI data was positive, analysts suggest that households are yet to feel the impact of tariffs.
Source; Fxstreet
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