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Gold off two week low, US PCE data in focus

Published on Jun 28, 2024 15:00

COMEX Gold futures are trading at $2338 per ounce, up marginally on the day but overall sentiments remained cautious ahead of a key US economic reading later on today. The US Personal Consumption Expenditures (PCE) Price Index will be out today and will provide a critical assessment of price pressures at consumer levels. The PCE held steady at 2.7% on a yearly basis in April, the US Bureau of Economic Analysis in last month. This reading had matched March`s reading and marked a sustained rise in the metric after it had recorded an annual uptick of 2.5% for January and February 2024. The core rate, PCE, excluding food and energy has also stayed at 2.8% for three months in a row. The US dollar has pushed higher in the buildup for the release and is lingering around a two month high mark. COMEX Gold has pulled back amid these moves and tested a two week low around $2300 per ounce on Wednesday before witnessing a sharp 1% rally in last session. A further uptick in PCE could help US dollar stay elevated while keeping Gold under stress.

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