According to Everbright Futures, U.S. April CPI rose 3.8% year-over-year overnight, exceeding market expectations of 3.7% and marking the highest level since May 2023. Core CPI increased 2.8%, also surpassing the forecast of 2.7% and hitting its highest since September 2025. The inflation overshoot has pushed back market expectations for Federal Reserve rate cuts this year, with COMEX gold trading in a volatile “V-shaped” reversal pattern overnight amid intense long-short positioning. Higher inflation expectations strengthen the case for sustained elevated rates, which raises the opportunity cost of holding gold and weighs on upside momentum.
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