KAU\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\nThe University of Michigan consumer sentiment figures for the US were released Friday showing that economic sentiment fell to a six-month low in May, and well below market expectations. Inflation expectations for the year ahead rose to 3.5%, the highest in six months. Consumers flagged concerns around inflation, unemployment and high interest rates in the year ahead, all of which paint a somewhat gloomy picture for the economy and boost the appeal of safe haven assets like gold.<\/p>\n\n\n\n
In addition, persistent inflation erodes the purchasing power of fiat currencies, which can drive additional flows into assets like gold, whose supply is limited.<\/p>\n\n\n\n
The latest figures followed US initial jobless claims numbers released Thursday which came in well above market expectations. A higher-than-expected rise in the number of people seeking unemployment benefits hikes pressure on the US Fed to cut interest rates to stimulate the economy, which would be bullish for non-interest-bearing investments like precious metals.<\/p>\n\n\n\n
Looking ahead, the markets will be keeping an eye on further speeches by US Fed officials on Monday for additional clues about monetary policy going forward. Then attention will turn to Tuesday\u2019s Euro Area ZEW economic sentiment figures as well as the US producer prices index for April, for further signals on inflation.<\/p>\n\n\n\t\t\t\n\t\t\t\n\t\t\t\t
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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\nThis publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n
Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"Gold prices ticked higher on Friday to reach a three-week high, building on the previous day\u2019s sharp gains, as US data highlighted consumers\u2019 concerns over persistent inflation.<\/p>\n","protected":false},"author":50,"featured_media":123341,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-123299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\n
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