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The greenback has failed to find much further support despite last week’s above-forecast inflation prints, as both CPI and PPI beat expectations. Profit-taking could be a factor. Those inflation gauges did cause bond yields to rise but FX markets have largely shrugged the data off. However, with the lack of any significant data or news to cause a big dent in the dollar rally this year, it is difficult to see gold rise much further from current levels. With US 10-year bonds providing yields around 4.25%, gold investors would forgo this by tying up their capital in the metal than in bonds. This represents a sizeable opportunity cost, which does raise question marks about gold’s ability to hold onto its recent gain.
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