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Gold and silver prices end weekend lower as April PCE data remains flat

by xyonent
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The U.S. Bureau of Economic Analysis released April personal consumption expenditures (PCE) price index data on Friday (May 31). release The PCE readings showed steady on both a monthly and annual basis, consistent with increases of 0.3% and 2.7% in March, respectively.

Core PCE, which excludes food and energy, rose 0.2% from the previous month, down from a 0.3% increase in March but remaining at the same level as the previous month’s 2.8% increase.

Personal income growth slowed slightly month-on-month, falling to 0.3% from 0.5% in March. Similarly, disposable income also slowed slightly in April, rising to 0.2% from 0.5% in March.

Real PCE fell 0.1% in April, but the Bureau of Economic Analysis said this was because spending on goods fell 0.4% while spending on services increased 0.1%.

April saw the lowest monthly core growth rate since the start of 2024, Analysts’ predictions.

PCE is a favorite measure used by the Federal Reserve when considering upcoming interest rate decisions, and the central bank is widely expected to hold off on cutting rates until at least September.

Gold prices rose strongly in morning trading following the PCE announcement, surging to $2,359 per ounce before dropping to an opening price of $2,343.80. Silver showed a similar movement, surging to $31.73 per ounce in early morning trading before falling again. Both precious metals are expected to finish the week lower than they began.

S&P 500 (INDEXSP:.INX), Nasdaq Composite Index (INDEXNASDAQ:.IXIC) and the Dow Jones Industrial Average (INDEXDJX:.DJI) also opened Friday trading, rising sharply before falling.

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Securities Disclosure: I, Dean Belder, hold no direct investment interests in any of the companies mentioned in this article.

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