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How will Gold react to the May US CPI data?

Amid US-China trade optimism, the main economic highlight for this week is the US #inflation data for May. The data will likely show the first signs of #Trump's tariffs feeding through into prices. The monthly #CPI is forecast to increase by 0.2% and core figure by 0.3%. The monthly data will hold significance as they are not distorted by base effects. Hotter-than-expected US monthly CPI reading could push back against markets’ expectations of a Fed rate cut in September, sending #US Dollar higher while knocking down #Gold. Meanwhile, a surprise deceleration in the inflation data could reinforce the buying interest around non-yielding Gold price. Cooling inflation would maintain expectations of further Fed rate cuts. However, the impact of the CPI data could be downplayed by the US-China trade updates and the 10-year Treasury auctions due later on Wednesday and Thursday. #trading #xauusd #commodities #goldtrading #forexmarket #forextrading #forexstrategy