Yesterday US released CPI inflation data, which fell to 3.1% YoY, down from 3.4% the previous month and the core CPI number, which came in at 3.9%. Following this data release, US Treasury yields edged higher, with the 10-year yield reaching 4.32% and the 2-year rate rising to 4.654%, the largest one-day increase in the last 9 months. After the positive US CPI report, traders in financial markets pushed back their forecasts for interest rate cuts to June from May.
Inflation is dropping, but not fast enough for Fed policymakers to start lowering interest rates soon, which is pressurizing bullion prices. Gold prices are trading on the lower edge of the range around $2000 (Rs 61500), if prices break this range, immediate support would be $1980 (Rs 61000) in the short-term.
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