Gold prices ended the week approximately 1.5pc higher after rallying on Friday as Treasury rates fell. Throughout the week, traders analysed inflation data via the consumer price index (CPI) and producer pricing index (PPI), with both gauges dropping from the previous month. Following the 8.5pc year-on-year CPI data, odds on a Fed rate rise fell, sending yields down. Throughout the week, the rate-sensitive US Dollar declined. Soon after the initial CPI response, confidence started to decline. Neel Kashkari, president of the Minneapolis Federal Reserve bank, and Mary Daly, president of the San Francisco Federal Reserve, rebuffed the dovish ardour. Ms. Daly stated in an interview with the Financial Times that while there is some respite for consumers and businesses based on month-to-month data, inflation is still far too high and is still well outside of our target range for price stability.