Weekly Fundamentals - Weak CPI Fueled Deflation Worries, Gold Slumped

Commodities traded choppily throughout the week but Friday's decline, led by weak US day, resulted in weekly losses for most commodities. US CPI contracted -0.1% m/m in June, after a -0.2% drop in the prior month. On annual basis, the reading eased to +1.1% from +2% in May. The reading, together with FOMC's minutes released earlier, signaled inflation remains benign and has risks to deteriorate further.

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Weekly Fundamentals - Weak CPI Fueled Deflation Worries, Gold Slumped