Despite expectations that the Fed will keep interest rates at current levels, the price of gold has rebounded due to increasing geopolitical tensions and physical gold buying by global central banks.
Gold price rebounds despite investors' expectations that the Fed will keep interest rates at current levels until the third quarter of this year. Increasing geopolitical tensions and physical Gold buying by global central banks keep strengthening Gold's appeal. US core PPI grew strongly by2.4% from estimatesof2.3% andthe prior readingreading of 2.0%. Gold price moves higher after falling to$2,330 in Thursday’s early New Yorksession.
Meanwhile,theUS core Producer Price Index data for March remains mixed. The PPI data shows the pace at which producers have increased or decreased prices of goods and services at factory gates. Annual headline PPI dipped to 2.1% from expectations of2.2% but remain higher than the prior reading of1.6% in February. Monthly headline PPI rose slowly by 0.2% from the consensus of0.3% and the prior reading of 0.6%.
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