The gentle CPI report may continue the upward trend of gold.

Due to the absence of significant surprises in the mild inflation data, the pressure on Federal Reserve officials to accelerate interest rate hikes has eased, causing gold prices to reach an intraday high. Indeed, the year-on-year growth rate of the core CPI at 2.5% is still above the target. However, the monthly increase of 0.2% is more in line with the central bank's objectives and leaves some room for maneuver. The movement of U.S. Treasuries on that day will ultimately depend on the federal budget update released at 2 PM. Before that, the decline in interest rates and the dollar was sufficient to drive up gold prices.