#3月CPI数据出炉 On the evening of March 11, the U.S. CPI data was released, moderately bearish for gold.

Last night's U.S. CPI data, which came in as expected, was superficially moderate, but combined with the Middle East situation at the time, it mainly put pressure on gold prices. Simply put, this inflation report failed to serve as a catalyst for rising gold prices; instead, it created downward pressure by reinforcing interest rate expectations.

The specifics are as follows:

· 📉 Price Performance: After the data release, gold prices declined slightly
Although the CPI data itself met expectations, gold ultimately closed lower yesterday (March 11). April COMEX gold futures fell $63, closing at $5,179.10 per ounce, a decline exceeding 1%. Spot gold also remained in weak consolidation.

· 🔍 Core Logic: How does inflation data affect gold prices?
The reasons behind the gold price decline are primarily rooted in the policy expectations behind the data:
· Rate Cut Expectations Suppressed: Markets broadly believe this stable inflation data will not prompt the Federal Reserve to cut rates soon. Since gold itself generates no interest, maintaining higher rates weakens its appeal.
· Dollar Strengthens: Supported by rate expectations, the U.S. dollar index moved modestly higher, creating direct pressure on dollar-denominated gold.

· ⚠️ Key Variable: Market Focus Has Already Shifted
It should be noted that markets view February's CPI data as "history." The real focus is on the follow-up impacts of Middle East escalation that the data doesn't reflect. The surge in oil prices and resulting new inflation concerns actually reinforce expectations that "high rates will persist longer," which became the main headwind for gold prices following the data release.