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Gold Prices React to US Inflation, More Data Ahead

Today's market analysis on behalf of Daniel Takieddine CEO MENA at BDSwiss


March 13, 2024 ( Newswire) Gold prices retreated on Tuesday and could remain under some pressure in response to the release of higher-than-expected U.S. consumer price data for February. This unexpected rebound in inflation has affected investors' expectations regarding the Federal Reserve's monetary policy direction whereas a more persistent inflation could cast doubts on the timing of future interest rate cuts, weighing on gold's attractiveness and performance in the process.

Despite this decline, gold prices stabilized to a certain extent on Wednesday as investors could turn their attention to the release of upcoming US retail sales and producer inflation data tomorrow. The data could provide more insight into the economic outlook in the US and the Federal Reserve's policy trajectory.

Overall, gold could continue to find support in investors' concerns about economic growth and geopolitical tensions while central bank gold purchases could continue to push the asset to the upside. Central banks remain on a multi-month streak of net gold acquisitions which could extend over the next months.

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