Gold prices remained steady around $165 on Tuesday due to unclear direction. The US dollar's slow performance is providing some support for gold prices, after Treasury yields fell. Investors are eagerly awaiting the release of Consumer Price Index (CPI) data, which is expected to be released on Tuesday ahead of Wednesday's Federal Reserve policy statement.
The annual consumer price index CPI is forecast to increase by 4.2% in May, lower than the 4.9% increase recorded in April. However, the core CPI, which excludes food prices and energy, is expected to grow 5.6%, slightly faster than the 5.5% gain in April.
Monthly CPI is forecast to increase by 0.3% in May, following a 0.4% increase in April, while Core CPI is expected to increase by 0.4%, equal to the previous month's pace.
The annual consumer price index CPI is forecast to increase by 4.2% in May, lower than the 4.9% increase recorded in April. However, the core CPI, which excludes food prices and energy, is expected to grow 5.6%, slightly faster than the 5.5% gain in April.
Monthly CPI is forecast to increase by 0.3% in May, following a 0.4% increase in April, while Core CPI is expected to increase by 0.4%, equal to the previous month's pace.
