Gold Surges After Dismal Data; Do You Like Your Rate Hikes Dovish?

Gold Surges After Dismal Data; Do You Like Your Rate Hikes Dovish?

As the dollar drops and Treasurys rise on a particularly dour set of econ data, gold is predictably surging. The contract for August delivery jumped 0.4% to $1,273.80/oz on the Comex after trading little changed prior to the CPI and retail prints: Meanwhile, the dollar has hit a fresh low for the session. As Bloomberg notes, the soft data is "likely raising some concern about the ‘transitory’ nature of recently soft economic data as the FOMC begins its second day of deliberations." US
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