Gold Slides, Economic Data Ahead
Market comments on behalf of Wael Makarem Financial Markets Strategists Lead at Exness
February 28, 2024 (Investorideas.com Newswire) Gold prices were sliding against a stronger dollar today. However, they remained mostly within the trading range of the last couple of weeks. Investors could remain cautious amid concerns about the direction of monetary policy and about the potential for interest rates to remain at elevated levels for a longer period of time. Trader's attention could turn to economic data in the US and the eurozone with US GDP figures expected today and US PCE tomorrow in addition to European CPI data on Thursday and Friday. The data could affect monetary policy expectations and the performance of gold. At the same time, geopolitical conditions could remain a potent force while a decrease in tensions in the Middle East could weigh on the asset.
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