Gold is Surging, Highest Since January

Gold has been benefiting from the risk-on mood in markets and has surged above the $1,905 level at 10.00 GMT +3.  

The latest trigger for gold’s upswing came from the downbeat US data. New Home Sales disappointed with only 863,000 annualized in April while the Conference Board’s Consumer Confidence Consumer Sentiment measure for May missed estimates with 117.2 points.  Consumers in Tuesday’s report said they were less likely to purchase cars, homes and major appliances in the next six months. 

Federal Reserve officials have reiterated their message that the US economy has a long way to go and that inflation is transitory. This means the Fed is set to continue injecting markets with $120 billion of newly created cash every month and hold back on raising interest rates. 

In other news, Japanese government bonds were unchanged on Wednesday, with investors turning cautious ahead of a 40-year bond auction while drawing support from firmness in U.S. peers on easing concerns about inflation. 

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