Gold price eyes more downside amid caution ahead of US core PCE Price Index data. Apart from the US underlying inflation data, investors will focus on Durable Goods Orders and Q1 GDP. The US Dollar corrects as a weak PMI report for April dampens investors’ confidence in the strong US economic outlook. Gold price retreats to $2,315 in Wednesday’s European session while attempting to extend recovery above $2,320.
Currently, traders expect that the Fed will start reducing interest rates from the September meeting. In Wednesday’s session, investors will focus on the Durable Goods Orders for March, which will be published at 12:30 GMT. In February, orders for Durable Goods rose sharply by 1.4%. Durable Goods are those goods that have a long life span and are a leading indicator of core CPI as it excludes prices of non-durable goods such as food and energy.
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