Gold is calm on Thursday, as the spot price stands at $1238.67 per ounce in the European session. In the US, today’s highlight is Unemployment Claims, with the markets expecting another strong reading.
US numbers have generally been strong, but very low inflation levels continue to point to slack in the economy. On Wednesday, this trend continued with soft consumer inflation numbers. CPI rose to +0.1%, an improvement from the previous reading of -0.2%. The estimate stood at 0.0%, so the markets clearly did not have high expectations. It was a similar story from Core CPI, which also posted a 0.1%, up from 0.0% a month earlier. This was shy of the forecast of 0.2% but still within expectations.
On Friday, we’ll get a look at New Home Sales. The indicator shined last month, jumping to 504 thousand, up from 412 thousand in the previous reading. The markets are expecting a downturn in the upcoming release, with an estimate of just 473 thousand. Will the indicator beat this estimate? Earlier in the week, Existing Home Sales sparkled at 5.29 million, its best showing in a year.
XAU/USD 1238.67 H: 1244.63 L: 1237.40
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