Pickup in US Core CPI Lifted Greenback

The benchmark Comex Gold contract broke above US$1200/oz at one point, rising to a 5-day high of 1219.9. Gains were then pared as the US dollar strengthened and the contract settled at 1210.1, up +0.72%. Crude oil prices resumed the selloff as analysts suggested that the surge in crude inventories, estimated by the EIA and the API, indicated that the supply-demand imbalance remained intact. The front-month contract for the WTI crude oil plunged -5.53% while the Brent crude contract dropped -2.56% at close.

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Pickup in US Core CPI Lifted Greenback