The increase in expected and actual inflation rates combined with the Fed’s dovish stance could create downward pressure on the real interest rates and the US dollar, thus supporting gold prices.

US consumer prices rose by the most in more than 8-1/2 years, which supported gold and weakened the dollar.

China’s manufacturing expanded at a faster-than-expected pace in March, while activity in the construction sector also increased.

Both physical and financial indicators could be turning against the metal and threatening to push prices lower.

There is real tightness in the copper market. It's just that it's playing out upstream in the opaque raw materials segment of the supply chain.