The price of gold today continues to rise, with gold reaching $2,352.5 in the early hours of the Asian session. However, it later retreated and stabilized around $2,345.
The metal's upward momentum is driven by safe-haven buying amid concerns over conflicts. Meanwhile, the market is awaiting the minutes of the Federal Reserve's policy meeting and inflation data, which will be released later in the day, to find further clues about the future interest rate trajectory in the United States. The Consumer Price Index (CPI) for March is expected to increase by 3.4% compared to the same period last year. The core CPI is up 3.7% annually.
As a result, CPI data could create volatility in the gold market, and technical buying momentum will continue unless the CPI data is much hotter than expected. A lower inflation report could push gold to touch $2,400 per ounce and vice versa.
The metal's upward momentum is driven by safe-haven buying amid concerns over conflicts. Meanwhile, the market is awaiting the minutes of the Federal Reserve's policy meeting and inflation data, which will be released later in the day, to find further clues about the future interest rate trajectory in the United States. The Consumer Price Index (CPI) for March is expected to increase by 3.4% compared to the same period last year. The core CPI is up 3.7% annually.
As a result, CPI data could create volatility in the gold market, and technical buying momentum will continue unless the CPI data is much hotter than expected. A lower inflation report could push gold to touch $2,400 per ounce and vice versa.
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