Daily Digest Market Movers: Gold price bulls turn cautious ahead of US consumer inflation figures...من hagijeee

13 Mar 2024, 20:44 · Views 81

Some repositioning trade ahead of the crucial US consumer inflation figures exerts some pressure on the Gold price during the Asian session, though any meaningful corrective slide still seems elusive.
The crucial US CPI report will play a key role in influencing expectations about the timing and the pace of rate cuts by the Federal Reserve, which should provide a fresh impetus to the XAU/USD.
The headline CPI is anticipated to edge higher to 0.4% in February and the yearly rate is expected to hold steady at 3.1%, while the Core CPI is seen easing to the 3.7% YoY rate from 3.9% previous.
The mixed US monthly jobs report released on Friday boosted rate-cut bets and dragged the yield on the benchmark 10-year US government bond to a five-week low, closer to the 4.0% mark.
According to the CME group's FedWatch tool, traders are currently pricing in an around 70% chance of a rate cut by June, which keeps the USD bulls on the defensive and lends support to the metal.
A sticky inflation print, however, is going to be a little troublesome to the commodity, while a cooler CPI reading will boost bets for an early rate cut and trigger a fresh leg up for the Gold price.

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