Gold investors wait for tomorrow's CPI Report for April
Gold pricing has been rising ever since last Friday’s strong jobs report resulted in prices plunging $34 from its open to the close. Last Thursday gold futures traded to an intraday high of $2085. However, gold closed well off of that high settling at $2055 per ounce. The following day gold opened just above Thursday’s close at approximately $2057 and after dropping $34 closed at $2024.
Market participants are acutely focused on tomorrow’s Consumer Price Index report. However, investors will simply add tomorrow’s report to their ongoing concern regarding potential economic catastrophes. These include the banking and debt ceiling crises. President Biden today mentioned that he has been thinking about invoking the 14th amendment as an option for resolving the debt ceiling impasse. Section 4 of the 14th Amendment says, “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.”
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