Economists at TD Securities analyze Gold (XAU/USD) outlook after the release of softer-than-expected Employment Cost Index (ECI).
Soft landing theme places a cap on optimism for Gold for the time being
A softer-than-expected ECI adds to evidence that inflation pressures continue to abate. Ultimately, the US disinflation theme remains a key driver of the weakness in the broad US Dollar, amid a low vol environment, elusive signs of a global recession and with a Fed likely on hold. These pressures are supportive of Gold prices, as highlighted by largely neutral price action despite an additional hike in the history book.
Still, the data continue to lend strength to the soft landing theme, which places a cap on optimism for the yellow metal for the time being.
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