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- Gold Price Forecast: XAU/USD jumps toward $2,030 as US CPI slows to 5%
Gold Price Forecast: XAU/USD jumps toward $2,030 as US CPI slows to 5%
- US CPI rose 0.1% in March, below 0.3% of market consensus.
- US Dollar tumbles across the board after inflation data.
- XAU/USD rises more than $20 in a few seconds, to fresh daily highs.
Gold price rocketed after the release of US inflation data, which showed numbers below expectations. XAU/USD rose from $2,007/oz to $2,028, reaching the highest level in six days.
The US Labor Department said on Wednesday that the Consumer Price Index (CPI) increased 0.1% MoM in March, below the 0.3% of market consensus. The annual rate slowed down from 6% to 5%, below the 5.2% of market consensus. The Core rate climbed 0.4% in March, in line with expectations.
The US Dollar tumbled after the inflation figures, with the DXY reaching weekly lows near 101.50. At the same time, US yields sank. The US 10-year bond yield fell from 3.44% to 3.37%. Wall Street futures rose sharply.
The combination of risk appetite and lower yields are boosting Gold price. XAU/USD is looking at the recent top around the $2,030 as it moves with a strong bullish momentum.
Technical levels
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