Gold price holding above $2,350 as U.S. annual core CPI rises 2.8% in March

- The gold market continues to hold on to solid gains above $2,350 an ounce as inflation remains stubbornly elevated.Gold at the highest probability of a 'melt-up' since the 1980s, but don't rule out 10% corrections – Jared Dillian

Commodities are known to top following major geopolitical events but don't discount gold seeing 10% moves in any direction as the market is at the highest probability of a melt-up since the 1980s, according to Jared Dillian, author of 'No Worries' and editor of The Daily Dirtnap.

- Soaring debt levels threaten to render the Federal Reserve powerless, taking away its ability to fight inflation, warned Tavi Costa, macro strategist at Crescat Capital. - Gold futures edged higher on Thursday, with the June 2024 contract settling at $2,344.30 per ounce, up $6.20 on the day. The modest gains were supported by a weaker U.S. dollar, which lost 0.21% to fix the dollar index at 105.44.

– One week after catching wind of the scheme, the London Metal Exchange has announced new plans to close loopholes that allow traders and warehouse operators to game the latest series of sanctions on Russian metals. – Even as spot gold trades $100 lower than the all-time high set on April 12, the supply, demand and price distortions continue to impact local gold markets around the world.

Any U.S. response to a sudden geopolitical flare-up will be"extremely inflationary," posing a massive problem for the Federal Reserve and U.S. Treasury, which are already facing 'monumentally irresponsible' record deficits, says James Lavish, Managing Partner at Bitcoin Opportunity Fund.U.S.

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