Markets

Gold firms as dollar, yields and oil retreat before CPI - Kitco AM Report - Kitco

Source: Kitco

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DW NOTE

Gold's rally today has nothing to do with economic fundamentals and everything to do with the dollar finally acknowledging reality. The Strait of Hormuz has been effectively closed since October 13, global oil inventories are draining at 1.9 million barrels per day, and Russia is striking Ukrainian energy sites despite a ceasefire it signed three days ago. Yet oil is down 9.7% from its high and gold has dropped 21.1% from January's peak — a repricing that assumed either the chokepoints would reopen or the consequences wouldn't matter. CPI tomorrow will clarify which delusion the market prefers to maintain.

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