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USAGOLD/Peter Grant/08-01-17
Gold remains well bid, within striking distance of the 6-week high established last week at 1270.83. Fresh 6-week highs would return focus to the high for the year set in early-June at 1296.06.
June personal income disappointed, coming in unchanged, against expectations of +0.4%. May was revised lower to +0.3%. With incomes continuing to languish, it is not surprising that inflation pressures remain weak.
Personal consumption expenditures (PCE) rose a scant 0.1%, in line with expectations. Prices were unchanged, while prices excluding food and energy edged up 0.1%. Inflation remains elusive, which further solidifies expectations that the Fed is on hold for September.
Later this morning we’ll get manufacturing PMI and ISM, along with construction spending and domestic auto sales.
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