Gold drops to multi-week low, ahead of key economic US data [Video]

Eliman Dambell Sayvio AI

The price of gold fell to its lowest level in the past three-week period, following last week’s surge to a record high.

Today’s decline sees the commodity fall for a second straight day, and comes ahead of tomorrow’s U.S. inflation report.

In addition to the consumer price index (CPI), the Federal Reserve will be holding its monthly meeting, where it is expected to keep rates unchanged.

Many believe that the hiking cycle could be over, with policy easing starting towards the end of Q1 2024.

XAUUSD bottomed out at $1,980 on Monday.

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

EUR/USD looks sidelined around 1.1850

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GBP/USD flirts with daily lows near 1.3630

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