Gold price today: The pressure remains!
Hello everyone, Brian here!
Yesterday, XAUUSD closed stably around $2338, largely unchanged from last week despite significant economic reports, including Friday's PCE index.
The overall PCE index rose by 0.3% from February and 2.7% year-over-year. Adjusted personal consumption expenditures increased by 0.5% from last year, marking the largest increase this year. Total income rose by 0.5%, with wages up by 0.7% for the second consecutive month.
These PCE figures suggest rising inflationary pressures. With increasing personal spending and income, the Fed is unlikely to cut interest rates soon. Consequently, high USD borrowing costs and transaction fees might continue to pressure gold prices.
Yesterday, XAUUSD closed stably around $2338, largely unchanged from last week despite significant economic reports, including Friday's PCE index.
The overall PCE index rose by 0.3% from February and 2.7% year-over-year. Adjusted personal consumption expenditures increased by 0.5% from last year, marking the largest increase this year. Total income rose by 0.5%, with wages up by 0.7% for the second consecutive month.
These PCE figures suggest rising inflationary pressures. With increasing personal spending and income, the Fed is unlikely to cut interest rates soon. Consequently, high USD borrowing costs and transaction fees might continue to pressure gold prices.
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