Apart from the aforementioned catalysts, Russia’s shifting of nuclear weapons near Belarus joins the cautious mood ahead of the Fed’s favorite inflation data, namely the Core Personal Consumption Expenditure (PCE) Price Index for February, also weighs on the Gold price.
“The North Atlantic Treaty Organization (NATO) NATO on Sunday criticized Vladimir Putin for what it called his ‘dangerous and irresponsible’ nuclear rhetoric, a day after the Russian president said he planned to station tactical nuclear weapons in Belarus,” per Reuters. Additionally, the Financial Times (FT) quotes one of the world’s largest shipping group Maersk while raising fears of slower economic growth in China. Given the dragon nation’s status as one of the biggest Gold consumers, receding growth optimism weighs on XAU/USD price.
On the hand, US Core PCE Price Index is likely to ease in February and hence the latest pullback could be the preparations for an upswing after the likely softer US inflation clues.
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