Gold gets a lift on higher inflation and ignores the dollar rebound and higher yields

As the robots first saw the headline US Q1 GDP data they reacted in less than a heartbeat and sent the dollar tumbling. However, as already noted that reaction was over in less than a heartbeat as the same robots digested the GDP price index and how much higher than was. So, the USD/JPY fell to around 155.35, but it is rebounding again right now. Gold slipped slightly too, but that is rising with the dollar at the same time and that is because of that GDP PCE price index. The PCE data is markedly higher and because this data can be accurately transposed to work out the March monthly numbers tomorrow, the markets are now pricing that accordingly and it looks like it will be that way too. So, we have the US inflation genie back out of the bottle again and that is weighing on stocks and pushing the US yields higher and the dollar now too. It is also pushing immediate flow back into Gold, in what seems like a modest rush to grab an inflation hedge. Hence, the metal is now higher and currently trading at $2,332.50, but it remains to be seen if this upside move will extend back above $2,337