Gold hit a fresh record high in May: US inflation data for April will be eyed next week

Gold gained nearly 1.50% for the week ending May 5 due to the recent US Federal Reserve decision and inflation readings. Despite making a new all-time high of $2,080 on May 4, gold fell on Friday after the US added 253,000 jobs in April, beating the forecast by a wide margin. The World Gold Council’s Q1 report shows a 13% YoY fall in demand from the previous year, with India suffering a sharp decline due to volatility and high prices. The upcoming US inflation data for April and the June FOMC meeting will be in focus.