What is the CPI data?
The CPI (Consumer Price Index) measures changes in the cost of living over time and can be used to evaluate inflation and deflation. It is an important economic indicator for both consumers and businesses as it helps them to make informed decisions about prices and wages.
This is because when the Fed raises interest rates, it usually means that the US dollar is strong. This makes it more attractive for investors to put their money in dollars instead of gold, thus decreasing the demand for gold and pushing the prices down.
Previous result as per the poor CPI and CPI data
As per forecast tomorrow its expected CORE CPI data will be 5.3 which can give dramatic movement to gold
Higher than previous reading = Gold Will go down
Lesser than previous reading = Gold will go up
Gold and interest rates have a negative correlation, meaning that usually the gold price goes up when interest rates go down, and down when rates go up.
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