While the Fed’s hawkish halt teases the Gold sellers, a softer print of the US Producer Price Index (PPI) for May, which dropped to 1.1% YoY versus 1.5% expected and 2.6% prior, seemed to have defended the downbeat inflation concerns and put a floor under the XAU/USD price.
It should also be noted that the Federal Reserve (Fed) has already highlighted importance of each incoming data for decision-making, which in turn emphasizes today’s United States Retail Sales for May and other mid-tier activity data, as well as the weekly Jobless Claims for the Gold Price watchers.
Elsewhere, fears of labor strikes in China, as per a Researcher at Hong Kong-based rights group China Labour Bulletin (CLB), joins recently downbeat statistics from Beijing to weigh on the Gold Price. It should be noted that China is among the world’s biggest Gold consumers and hence any negatives for the Dragon Nation appears negative for the XAU/USD.
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