2024-05-31 16:00:00 ET
It was a week of ups and downs for gold, which traded between about US$2,325 and US$2,361 per ounce.
Investors were looking toward the latest personal consumption expenditures (PCE) price index data, which was released by the US Bureau of Economic Analysts on Friday (May 31) morning. It shows that PCE was up 0.3 percent month-on-month in April, and 2.7 percent from the previous year. Core PCE, which excludes the more volatile food and energy categories, was up 0.2 percent from March and 2.8 percent compared to last April.
PCE is the US Federal Reserve's preferred measure of inflation, and it's tracked closely by market watchers trying to gauge the central bank's next steps. April's results were largely in line with expectations , but as some analysts have pointed out, the numbers have gotten quite sticky, meaning that interest rate cuts may not be in the cards just yet.
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