Gold Price Forecast: XAU/USD could give up its latest gains on stubbornly high US PCE report – Commerzbank
|Gold is making some headway again after initially running out of steam following its rise to a new record level of $2,222 in the middle of last week. Economists at Commerzbank analyze the yellow metal’s outlook.
Next stress test for Gold: US PCE deflator
The market is focusing on the new US inflation data for February, which will be published on Friday. The PCE deflator is the Fed's preferred measure of inflation. According to our economists, the figures are more likely to show that inflationary pressure remains stubbornly high. If this is the case, the Gold price could give up its latest gains.
ETF investors are at least more sceptical again: outflows have been recorded again since the middle of last week, following several days of significant inflows.
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