Gold prices were originally up to a decent start last week, boosted by a US CPI report. The inflation was in-line with expectations. The downside was that real average hourly earnings dropped, from +0.7% m/m to +0.4% m/m. The US Dollar fell on that aspect and this increased demand for the anti-fiat yellow metal.
The greenback appreciated broadly against its major counterparts alongside local 2-year government bond yields.
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