Gold Prices Pause Amidst Record Rally: Eyes on Inflation
Market comments on behalf of Wael Makarem Financial Markets Strategists Lead at Exness
March 11, 2024 (Investorideas.com Newswire) Gold prices paused from their strong surge since the beginning of the month after hitting a peak close to 2200 dollars on Friday. Gold benefited from continued central bank purchases and Jerome Powell's comments last week as markets continue to expect interest rate cuts later this year. Traders' attention could turn to tomorrow's US inflation data release. The forthcoming CPI report will play a crucial role in shaping expectations regarding the Federal Reserve's path toward interest rate cuts. A softer reading could strengthen the case for an earlier rate cut, providing support for gold prices to rise further. At the same time, geopolitical risks and apprehensions surrounding global economic growth could continue to contribute to the upward trajectory of gold prices.
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