Home News Gold Steadies as Markets Await Inflation Data, Fed’s Next Move

Gold Steadies as Markets Await Inflation Data, Fed’s Next Move

April 25, 2024

by Gary Wagner
Kitco

Gold futures regained some stability on Tuesday, trading down just 0.23% after a sharp $60 decline in the previous session. The April 2024 contract touched an intraday low of $2,304.60 before recovering to $2,335.57 as of 5 PM EDT.

[…] Monday’s sell-off was fueled by easing geopolitical tensions in the Middle East after Israel’s retaliatory strikes against Iran did not escalate further conflict between the two nations. With fears of further military action between Israel and Iran dissipating, gold’s safe-haven demand took a hit.

However, all eyes are now on the upcoming U.S. inflation report scheduled for this Friday. The Personal Consumption Expenditures (PCE) data, which is the Federal Reserve’s preferred inflation gauge, could shape expectations for the central bank’s next policy move.

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