Gold Nears One-Month Highs on Soft U.S. Data and Rate Hike,...
Gold prices remained resilient, hovering close to one-month highs on Thursday. This resilience was attributed to a fresh batch of underwhelming U.S. economic data, which has bolstered expectations that the Federal Reserve may put the brakes on interest rate hikes for the remainder of the year. However, the outlook may shift depending on the inflation data set to be released later in the day.
As of 0331 GMT:
- **Spot gold** inched up by 0.2% to reach $1,945.40 per ounce.
- **U.S. gold futures** maintained stability at $1,972.40.
Despite the gains seen this week, gold is still on course for a monthly decline of nearly 1%. This is influenced by the U.S. dollar, which is on track for its first monthly gain in three months, and U.S. Treasury yields, which are set for their fourth consecutive monthly increase, reaching levels last witnessed in 2007 just last week.
Michael Langford, Chief Investment Officer at Scorpion Minerals, noted, "Traders are eagerly anticipating the full news cycle to develop a more comprehensive perspective on inflationary pressures."
XAUUSD
SELL LIMIT 1948-1949 🔽🔽
✅TP1: 1943
✅TP2: 1938
🚫SL: 1953
As of 0331 GMT:
- **Spot gold** inched up by 0.2% to reach $1,945.40 per ounce.
- **U.S. gold futures** maintained stability at $1,972.40.
Despite the gains seen this week, gold is still on course for a monthly decline of nearly 1%. This is influenced by the U.S. dollar, which is on track for its first monthly gain in three months, and U.S. Treasury yields, which are set for their fourth consecutive monthly increase, reaching levels last witnessed in 2007 just last week.
Michael Langford, Chief Investment Officer at Scorpion Minerals, noted, "Traders are eagerly anticipating the full news cycle to develop a more comprehensive perspective on inflationary pressures."
XAUUSD
SELL LIMIT 1948-1949 🔽🔽 ✅TP1: 1943
✅TP2: 1938
🚫SL: 1953
