Gold prices rebounded after US PCE data matched estimates, supporting expectations of interest rate cuts in the near future.
During the February 29 session, gold prices increased sharply from $2,028 to $2,050 after the US core PCE report completely coincided with market predictions. The precious metal then fell slightly and ended the day at $2,044. It is still important to note that the interest rate probability at the Fed's March and May meetings has not changed much as the bank wants to wait for more data before making the next decision. This will limit the rise of precious metals in the near future.
Today, the market continues to receive the next important data from the United States, including ISM's manufacturing PMI data and the University of Michigan's consumer confidence report. Currently, gold is trading around $2,044.
During the February 29 session, gold prices increased sharply from $2,028 to $2,050 after the US core PCE report completely coincided with market predictions. The precious metal then fell slightly and ended the day at $2,044. It is still important to note that the interest rate probability at the Fed's March and May meetings has not changed much as the bank wants to wait for more data before making the next decision. This will limit the rise of precious metals in the near future.
Today, the market continues to receive the next important data from the United States, including ISM's manufacturing PMI data and the University of Michigan's consumer confidence report. Currently, gold is trading around $2,044.
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