Gold Prices Remain Below All-Time Highs Ahead Of Economic Data
Today's markets analysis on behalf of Joseph Dahrieh, Managing Principal at Tickmill
March 14, 2024 (Investorideas.com Newswire) Gold prices experienced a slight decline on Thursday, although they remained close to their all-time highs, as investors awaited additional US economic data releases. As such, the focus could remain on the upcoming US retail sales, producer prices index, and jobless claims reports scheduled for release today. The data could influence expectations for a mid-year interest rate cut by the Federal Reserve, affecting treasury yields and gold's attractiveness, particularly with the FOMC meeting drawing closer.
In this regard, the asset could continue to trade sideways overall ahead of the Federal Reserve's meeting next week but could see some volatility as traders react to the data releases expected in the coming days. However, gold could see some price corrections if new data reinforces expectations that the Federal Reserve could keep its interest rates unchanged for a longer period of time, in particular as traders could move to secure their profits after the strong gains recorded since the beginning of this month.
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