Gold vaulted back to above $1,900 an ounce on Friday, effectively crossing the finishing line for May with a near 8% gain that handed longs in the yellow metal their best return in 10 months. The true test for gold will be after the next couple of months of hot inflation reports and if we have some surprising better-than-expected nonfarm-payrolls reports, referring to U.S. monthly jobs numbers,
that have been volatile since February. One of those inflation reports — Personal Consumption Expenditure
which is the Federal Reserve’s closely-watched gauge for inflation, jumped 3.6% in the year to April, data from the Bureau of Economic Analysis showed.The higher PCE reading helped gold, which is typically viewed as a hedge against inflation, regain its erratic $1,900 footing.
that have been volatile since February. One of those inflation reports — Personal Consumption Expenditure
which is the Federal Reserve’s closely-watched gauge for inflation, jumped 3.6% in the year to April, data from the Bureau of Economic Analysis showed.The higher PCE reading helped gold, which is typically viewed as a hedge against inflation, regain its erratic $1,900 footing.
