Today the BEA (Bureau of Economic Analysis) released the PCE (personal consumption expenditures) for April 2022. This report is the preferred inflation gauge used by the Federal Reserve as a key component to shape their forward guidance of monetary policy.

Gold futures had extremely modest gains in trading today. As of 5:10 PM EDT gold futures basis the June 2022 contract is trading $2.20 higher or 0.12% and fixed at $1848.50.

For the first time in a couple of years, Chairman Powell and other members of the Federal Reserve met in person rather than virtually at the FOMC meeting last month. Today the minutes from that meeting were released.