Metals drifted lower after CPI and PPI data did little to expedite rate cut expectations for the remainder of 2025. CPI came in as expected and PPI was slightly elevated, signaling that some wholesale prices are not falling as quickly as anticipated. Fed Chair Jerome Powell stated that the Fed is in no hurry to cut rates amid strong economic data, sending both equity and metal markets lower. Gold is trading at $2565, nearly at a 2-month low, and stocks shed about 0.5% on Thursday as investors digest likelihood of interest rates remaining higher for longer after Powell’s comments.