March 1, 2024 by admin

March 1, 2024 by admin

Investing.com– Gold prices steadied in Asian trade on Friday and were close to breaking above key levels as overnight data spurred hopes that easing inflation will spur interest rate cuts from the Federal Reserve.

Spot prices of the yellow metal were now close to breaking above a $2,000 to $2,050 an ounce trading range established through most of 2024.

But resilience in the dollar limited any further gains in gold, with the greenback rising in overnight trade and retaining most of its strength in the Asian session.

Spot gold steadied at $2,043.64 an ounce, while gold futures expiring in April fell 0.1% to $2,051.95 an ounce by 00:24 ET (05:24 GMT). Both instruments surged between 0.4% and 0.6% on Thursday, also benefiting from month-end buying after a largely muted performance through February.

Other precious metals also advanced on Friday. Platinum futures rose 0.3% to $885.45 an ounce, while silver futures rose 0.3% to $22.953 an ounce.

PCE data puts June rate cuts in focus, risks persist

PCE price index data- the Fed’s preferred inflation gauge- eased as expected in January, data showed on Thursday. The reading spurred hopes that inflation will fall in the coming months and give the Fed enough impetus to cut rates in June.

But the CME Fedwatch tool showed traders only slightly increased their expectations for a rate cut in June, while bets on a hold remained steady.CategoriesBEST MCX ADVISROY, COMMODITY TIPS, commodityera, crude oil tips provide, FREE 1 DAY TRIAL, Free Bullion Tips, MCX NO.1 ADVISORY., MCX TIPS PROVIDER ACTIVE, Mcx Trading, MCX Trials, SUCCESS COMMODITY

BREAKING NEWS FOR GOLD EXPECTS A SECOND WEEKLY INCREASE UPDATE BY www.trademaharaja.com