Gold continues to move unexpectedly, entry sell today

World gold prices inched up slightly with spot gold increasing by 5.7 USD to 2,176.5 USD/ounce. Gold futures last traded at 2,177.6 USD/ounce, up 4.6 USD compared to yesterday morning.

The world gold market fluctuated slightly as investors were still waiting for US inflation data later this week to know more about when the US Federal Reserve (Fed) will begin to loosen monetary policy. bad this year.

RJO Futures senior market strategist Bob Haberkorn predicts gold will rise in the near term on interest rate expectations, unless the Fed changes its stance or makes some announcement that it will eliminate interest rate cuts. capacity.

Gold could fall again if personal consumption spending data is stronger than expected, Haberkorn said. However, this precious metal will quickly regain its upward momentum.

Last week, gold hit a record high of $2,222.39 an ounce after Fed policymakers said they still expected to cut interest rates by three-quarters of a percentage point in 2024 despite persistent inflation. still far from the target level of 2%. Currently, traders are currently forecasting a 71% chance that the first rate cut will take place in June.