India WPI Inflation above forecasts (3%) in March: Actual (3.88%)

Gold remains depressed below a nearly four-week high though it lacks follow-through selling, and holds above the $4,800 mark heading into the European session. Given that the path to a durable US-Iran agreement remains uncertain on the back of the instability in the Strait of Hormuz, the US Dollar stages a modest recovery from its lowest level since early March and undermines the commodity. In fact, Iran’s ambassador to the UN described the US blockade as a grave violation of Tehran’s sovereignty.