Since moderate inflation data showed no major surprises, the pressure on Federal Reserve officials to speed up interest rate hikes was relieved, and the price of gold hit an intraday high. Indeed, the core CPI annual growth rate of 2.5% is still above target. However, the monthly rate hike of 0.2% is more in line with the central bank's goal, and also leaves some room for the central bank to operate. The trend of US Treasury bonds for the day will ultimately depend on the federal budget update announced at 2 p.m. Until then, lower interest rates and the dollar were enough to push the price of gold higher.

Since moderate inflation data showed no major surprises, the pressure on Federal Reserve officials to speed up interest rate hikes was relieved, and the price of gold hit an intraday high. Indeed, the core CPI annual growth rate of 2.5% is still above target. However, the monthly rate hike of 0.2% is more in line with the central bank's goal, and also leaves some room for the central bank to operate. The trend of US Treasury bonds for the day will ultimately depend on the federal budget update announced at 2 p.m. Until then, lower interest rates and the dollar were enough to push the price of gold higher.