Gold prices have surged in the past half hour as the latest US data dump was slightly disappointing. With Core retail sales beating estimates and Core PPI missing the initial view was mixed, however the large downward revisions to the previous prints has proven negative in the short-term. This has seen Gold prices move higher, rallying from 1231 on the release to a high of approximately 1238 within ten minutes.
Having said that when viewed in an overall context the data isn’t that bad and shouldn’t have a tangible impact on the Fed tomorrow evening.
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