2024-03-26 07:46:00
Investing.com – Gold prices remained stuck in a narrow range during trading on Tuesday, as investors turned their focus to US inflation data scheduled for later this week, which may shed more light on the timing of the US Federal Reserve’s first interest rate cut this year. General.
“Gold is lacking new catalysts, but at the moment the market appears to be consolidating to catch its breath after a fairly strong rally,” said Kyle Rodda, financial markets analyst at Capital.com.
“The next step will likely depend on the release of the personal consumption expenditures index this week,” Ruda added. “Evidence of further deceleration of inflation in the US, which would ease fears of accelerating prices or at least re-establishing them at a higher level, would be very positive.” For gold.
Goldman Sachs (NYSE:) analysts expect commodity prices to rise this year as major central banks move toward cutting rates, and they said that gold may reach $2,300 an ounce by the end of 2024, with lower borrowing costs and continued geopolitical risks.
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Gold hit a record high last week after Federal Reserve policymakers indicated they still expect to cut interest rates by three-quarters of a percentage point by the end of 2024 despite recent high inflation readings.
Chicago Fed President Austan Goolsbee said Monday that at the Fed’s monetary policy meeting last week, it proposed three rate cuts for this year.
Meanwhile, Federal Reserve Governor Lisa Cook warned that the US central bank needs to proceed cautiously when deciding when to start cutting interest rates.
Investors are now looking forward to US Core Personal Consumption Expenditure (PCE) price index data scheduled for release on Friday. The index is expected to rise by 0.3% in February, which will maintain the annual pace of 2.8%. It is also scheduled to be issued during today’s trading at 17:00 local time.
Traders expect a 70% probability that the Federal Reserve will start cutting interest rates in June, according to the US interest rate tracking tool available on the Investing Saudi website. Lower interest rates reduce the opportunity cost of owning bullion.
Meanwhile, it has fallen against its rivals, making gold less expensive for holders of other currencies.
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Gold at settlement yesterday
Prices strengthened their gains during trading yesterday, Monday, with the decline of the US dollar against major currencies.
Upon settlement, gold futures prices for April delivery rose by 0.75%, or $16.4, at $2,176.4 per ounce, after touching $2,182.5.
Gold and dollar now
Gold futures are now down 0.13% to $2,173 an ounce.
It rose by about 0.06% to $2,173 per ounce.
On the other hand, the dollar index fell by about 0.1% to 103.845 points.
other metals
Spot transactions fell 0.2% to $24.63 per ounce, platinum fell 0.3% to $899.87, and platinum fell 0.1% to $1003.68.
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