The gold spot once again breaches the seven-year high with spot prices touching USD 1,764.73 per ounce (as on 18 May 2020 5:46 PM AEST).
An array of dismal U.S. economic figures and prevailing market sentiments propel spot:
- CPI index falls by 0.8 per cent for April 2020.
- Core CPI declines by 0.4 per cent for April 2020.
- Core PPI and PPI for April witness a plunge of 0.3 per cent and 1.3 per cent, respectively.
- Weekly unemployment claims soar to 2.9 million against market consensus of 2.5 million; however, improved against the previous peak of 6.6 million.