Gold edges higher despite hotter US inflation, Trump–Xi summit in focus
The post Gold edges higher despite hotter US inflation, Trump–Xi summit in focus appeared on BitcoinEthereumNews.com. Gold price (XAU/USD) trades with mild gains near $4,720 during the early Asian session on Wednesday. However, the potential upside for the precious metal might be limited due to hotter-than-expected US inflation and shifting geopolitical tensions. Traders will take more cues from the US April Producer Price Index (PPI) report, which is due later on Wednesday. Data released by the Bureau of Labor Statistics on Tuesday showed that the US Consumer Price Index (CPI) climbed 3.8% YoY in April, compared to 3.3% in March. This figure came in hotter than the expectation of 3.7% and registered the highest since May 2023. On a monthly basis, the headline CPI rose 0.6% in April versus 0.9% prior, matching analysts’ estimate. Meanwhile, the core CPI, which excludes volatile food and energy prices, rose 0.4% and 2.8% on a monthly and yearly basis, respectively. Following the hot U