Gold could witness volatility after release of PCE inflation data

📆 6/28/2024 9:15 AM
📰 FXStreetNews

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Gold (XAU/USD) edges marginally lower, trading in the $2,320s on Friday, ahead of the main economic data event for the week, the US Personal Consumption Expenditures (PCE) – Price Index for May.

Gold is likely to witness increased volatility after the US PCE inflation data release on Friday. A lower PCE reading would support the yellow metal as it would, in turn, result in lower interest rates – a benefit to non-yielding Gold. XAU/USD has broken above a key trendline, further invalidating the bearish H&S topping pattern that had been forming.

policymakers use the annual Core PCE Price Index, which excludes volatile food and energy prices, as their primary gauge of inflation. A stronger-than-expected reading could help the USD outperform its rivals as it would hint at a possible hawkish shift in the Fed’s forward guidance and vice versa.

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