Spot gold fell more than 1.0% intraday to $4,029.28/oz.

Brian Jacobsen, chief economist at Annex Wealth Management, said inflation printing in line with expectations is not necessarily a good report. He added overall inflation shows little evidence that energy and commodity price gains are feeding through into core inflation. Whether by force or ceasefire, the clock to reopen the Strait of Hormuz is ticking; the Fed will not speculate on timing, so President Trump needs to provide certainty ahead of the Fed meeting.

Franklin Templeton CEO says the firm will participate in the SpaceX IPO.