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May CPI Printed 4.2%. Core Inflation Beat. So Why Did the Gold Price Drop?

gold price drop after May CPI report — fuel pump nozzle held over a gold coin on dark slate surface

May CPI came in at 4.2% — the fastest pace since early 2023 — and the gold price fell nearly $100 to 11-week lows. But the headline is almost entirely an energy story: gasoline is up 40.5% year-over-year while core CPI rose just 0.2% for the month, below forecast and down sharply from April. The market sold gold on a number it was already expecting. The data behind that number tells a different story.

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