Daily digest market movers: Gold price consolidates amid thin liquidity conditions
- US Dollar Index (DXY) is flat at 105.25, a tailwind for Gold prices.
- May’s US Retail Sales improved but failed to underpin the Greenback. However, that and a solid Industrial Production report capped the non-yielding metal’s advance.
- Fed officials counseled patience on interest rate cuts and emphasized they would remain data dependent. Although last week's CPI report was positive, policymakers reiterated they need to see more reports like May’s data.
- Despite the US CPI report showing that the disinflation process continues, Fed Chair Jerome Powell commented that they remain “less confident” about the progress on inflation.
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