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Home Gold News Gold Prices Hold Steady Ahead of US Consumer Price Index (CPI) Release

Gold Prices Hold Steady Ahead of US Consumer Price Index (CPI) Release

by anna

Gold prices experienced minimal movement during the late North American session as traders anticipated the release of the US Consumer Price Index (CPI) data for February. Projections indicate that headline figures will remain unchanged, while core data is expected to show a cooling trend. This forecast could put downward pressure on the US Dollar and provide a boost to XAU/USD. As of the latest update, gold is trading at $2,180.60, exhibiting marginal changes.

In the previous week, gold marked an all-time high of $2,195.15, coming close to breaching the significant $2,200 threshold. This surge followed the testimony of US Federal Reserve (Fed) Chair Jerome Powell at the US Congress. During the testimony, Powell acknowledged a downturn in inflation and hinted at the possibility of the Fed easing policy in the future. He emphasized, however, that any policy decisions would be contingent on data-driven assessments.

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Despite Powell’s acknowledgment of decreasing inflation and the Fed’s proximity to gaining confidence in this trend, he underscored that the central bank is not hastening to implement interest rate cuts. The Fed Chair communicated a cautious approach, stating that while they are nearing a point where confidence in lower inflation is building, there is no urgency to adjust borrowing costs.

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As traders await the release of the CPI data, gold prices are holding steady, poised to react to potential shifts in the economic landscape and the subsequent impact on the US Dollar.

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