NY precious metal futures turn lower as CPI data disappoints

On Wednesday, New York gold futures fell after CPI data came in lower than expected. The US Consumer Price Index (CPI) for April increased by 4.9% YoY, lower than the expected 5%, but the monthly increase of 0.4% was higher than March’s 0.1%. This has caused investors’ optimism about the Federal Reserve’s interest rate cut this year to dissipate, leading to a downturn in gold prices at the end of the day.

The NYMEX/COMEX precious metals futures closing on May 10 and May 9 are as follows:

Commodity 05/10 05/09 Change

Jun Gold 2037.10 2042.90 -5.80

Jul Silver 25.66 25.90 -0.24

Jul Platinum 1119.10 1116.00 +3.10

Jun Palladium 1605.10 1579.70 +25.40