Gold Hits 1-Month High as Dollar Dips After U.S. PCE Data
Gold prices surge amid in-line U.S. inflation data
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Gold reached its highest level in a month on Thursday following the release of U.S. inflation data that met expectations. Traders are now awaiting clear guidance on interest rate cuts from Federal Reserve officials which will further impact the direction of gold prices.
Spot gold recorded a 0.7% increase, reaching $2,048.19 per ounce, while U.S. gold futures experienced a similar rise of 0.7% to $2,056.70. Silver also saw a considerable rise of 1.1% to $22.70 per ounce, with platinum and palladium exhibiting 1% and 1.1% gains, respectively.
The U.S. personal consumption expenditures (PCE) price index rose by 0.3% in January, and the core PCE price index increased 0.4% for the month and 2.8% from a year ago. As a result, the dollar depreciated, making gold more affordable for investors holding other currencies.
Gold remains poised for further gains, with market sentiment anticipating Federal Reserve decisions on interest rates. Investors are closely monitoring the U.S. central bank’s stance, which will impact the future trajectory of gold prices.
For the latest news and updates on gold prices, stay tuned.
