Gold holds steady as Dollar pauses recent rally
Published on May 30, 2022 12:23
Gold is struggling to break beyond $1860 per ounce following a strong rebound last week. The yellow metal is hovering at $1856 as dollar pauses recent rally, supporting the dollar-priced bullion. The dollar index, which hit a two-decade high of 105.010 earlier in May was steady at 101.66 on Monday. US Personal Consumption Expenditure (PCE) data came in mixed for April, mostly downbeat, as the Core PCE Price Index, the Fed`s preferred measure of inflation, matched 4.9% YoY forecasts versus 5.2% prior. Further, Personal Income rose less than expected but the Personal Spending improved.
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