Furthermore, the US Producer Price Index (PPI) for final demand saw a slight increase of only 0.1% in June, which is lower than the previously reported 0.3% for the previous month, as it was revised to indicate a fall of 0.4%. The PPI also fell from a 0.9% rise in May to 0.1% in the 12 months leading up to June, resulting in the smallest year-on-year rise since August 2020. Additionally, the US monthly employment data from last Friday showed that the economy added the fewest jobs in two-and-half-years, which could result in the Fed easing its hawkish stance. As a result, the US Treasury bond yields have decreased, which has caused the USD to weaken and the US Dollar-denominated Gold price to rise.
