Gold has quickly risen to a five-day high with a $10 pop in the last few minutes.
There doesn’t appear to be a catalyst for the sudden buying in a market that’s otherwise settled ahead of the 2 pm ET FOMC decision.
This might be a bet on a more-dovish-than-expected FOMC or central bank flows in a thinner market. There is also some minor USD weakness creeping in after some earlier strong bids.
One thing the market may be weighing are the weaker CPI readings from both Canada and the UK in the past 24 hours. That could be an indication of lower global pressures and a sign that the US CPI report has been sending false signals.
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