The release of soft consumer inflation figures from the United States reinforces market expectations of a temporary halt in the Federal Reserve's rate-hiking cycle, which lends some support to the price of gold.
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The US CPI data for May is anticipated to show a headline annual increase of 4.2%, down from April's 4.9%.
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The United States (US) is set to release its latest consumer inflation figures on Tuesday, followed by the outcome of a two-day Federal Open Market Committee (FOMC) policy meeting on Wednesday.
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The market sentiment remains fragile due to growing concerns about a global economic downturn, primarily influenced by the weaker Chinese inflation figures released today.
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Considering weakening US economic data, it is widely anticipated that the Federal Reserve will pause its tightening cycle at the upcoming meeting.
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According to the latest employment report, the US economy added 223,000 jobs in December 2022. This was lower than the upwardly revised increase of 256,000 jobs in November, but exceeded market expectations of 200,000.
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ISM Manufacturing PMI down to 48.4 in December. JOLTS (Nov) 10.45M, forecast 10M, previous was 10.512M.
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The European Central Bank increased interest rates by 50-bps and increased the deposit rate to %2.00 from %1.50.
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The consumer price inflation in the Euro Area was revised to %10.10 Year-on-Year in November 2022, down from %10.60 in October
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