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Gold prices are anticipated to hit a peak

By Rana Gharib
28 Mar,2024
Gold prices are anticipated to hit a peak

Gold traded flat in Asian trade on Thursday, lingering close to record peak as traders’ appetite for gold soared before getting more hints regarding the interest rate trajectory.

Bullion prices rebounded major dips this week as predictions that Fed could trim interest rate by June is still anticipated. However, the robust in the greenback, which was came close to one month peak, maintained the yellow metal prices off record peaks.

Spot gold muted at $2,195.34 per ounce, while gold futures traded flat at $2,215.80 per ounce. Spot prices were just lower than a record peak of $2,222.90 per ounce touched the previous week.

Eyes are now focused largely on the release of Federal Reserve’s inflation measure, the PCE price index scheduled to release this Friday. Any hints of tamed inflation are expected to spur solid gains in the metal market, indicating a very high possibilities of soon interest rate trims.

 

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