Gold prices up before US inflation data; silver slips 0.3%

Gold prices up before US inflation data
Gold prices up before US inflation data/Mint
Gold prices up before US inflation data
Gold prices up before US inflation data/Mint

Gold prices up before US inflation data; silver slips 0.3%

Gold prices up before US inflation data; silver slips 0.3%

Gold prices up before US inflation data; silver slips 0.3%

Gold prices surged as the U.S. dollar weakened, with spot gold climbing to $2,182.77 per ounce and U.S. gold futures for April delivery reaching $2,183.00. The dollar index’s 0.1% decline made gold more accessible for international buyers.

Market Focus on U.S. Inflation Data

Investors are eagerly awaiting the release of the U.S. Core Personal Consumption Expenditure Price Index data (PCE) on Friday, which could influence the Federal Reserve’s interest rate decisions. Market response may be delayed due to the upcoming Good Friday holiday.

Fed’s Influence on Gold Prices

Recent statements from Fed policymakers hinting at a potential rate reduction by the end of 2024 have bolstered gold prices, which reached a historic peak of $2,222.39 last week.

Domestic Trading Activity

On the Multi Commodity Exchange (MCX), gold futures contracts expiring on April 5, 2024, were actively traded at ₹65,961 per 10 grams. Analysts anticipate range-bound trading unless prices breach support levels at ₹65,440/65,150.

Key Economic Data Impact

Upcoming U.S. GDP data on Thursday and the PCE & core-PCE (Fed preferred inflation indicator) on Friday will be closely monitored. Analysts suggest caution ahead of these releases, while expectations for rate cuts by major central banks in June are seen as supportive for gold.

Performance of Other Precious Metals

Silver experienced a slight decline, platinum saw a modest increase, and palladium dropped marginally, reflecting mixed movements across the precious metals market.

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