OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold prices steadied near $2,030 an ounce on Thursday, remaining in positive territory so far this week as the latest CPI report showed that headline inflation in the US unexpectedly slowed last month, supporting bets that the Federal Reserve will pause its interest rate hikes in June. The annual inflation rate in the US stood at 4.9% in April, defying expectations for no change and falling below 5% for the first time in two years. Money markets are currently pricing a 95% chance of a pause next month, while 5% expect another quarter-point rate hike. The metals also found support from uncertainties surrounding the US debt ceiling, as President Joe Biden piled pressure on Republican lawmakers on Wednesday to raise the $31.4 trillion debt limit or risk throwing the world’s largest economy into recession.

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