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Market expectations for any rate cuts have been pushed out, which could boost the U.S. dollar and potentially dampen oil demand and prices
Gold could capitalize on potential downturns in U.S. macroeconomic data in the coming quarters
The central bank has kept interest rates at 5.25 to 5.50 percent since July 2023
The central bank raised inflation forecast to 4.3-4.8 percent, up from 4-4.5 percent
This data supports the ECB's plan to start cutting eurozone interest rates in June after inflation falls slightly above its 2 percent target
Despite the increase, gold prices were down around 2.3 percent, their biggest weekly drop since early December
Recent attempts by Japanese authorities to intervene in currency markets have been ineffective
Decline in government spending contributes to moderation in U.S. economic activity
U.S. labor market supports growth with job gains averaging 276,000 per month in Q1 of 2024
Gold could remain between $2,300 and $2,350 unless a fresh catalyst emerges
The unexpected decrease in U.S. inventories, as indicated by industry data, provided some support to crude prices
The dollar climbed to 154.85 yen, its highest point since the middle of 1990
The country kept one-year LPR at 3.45 percent, five-year LPR at 3.95 percent
Gold dipped more than 2 percent in the previous session, its largest intraday decline in over a year
Food prices remained unchanged at 5 percent in March compared to February
Officials highlighted that the ECB's decisions hinge on incoming data, especially regarding wages, profits, and productivity
Investors fueled the increase as they continued to assess geopolitical concerns in the Middle East
Bullion loses safe-haven appeal amidst reduced geopolitical risks
Brent crude futures declined to $86.62 per barrel, WTI crude futures dropping to $82.51 per barrel
Despite wage hikes, inflation-adjusted real wages continued to decline for nearly two years
Market analysts referred to gold as a geopolitical trade rather than a monetary policy trade at the moment
ECB ready to adapt monetary policy stance if current trends persist
Inflation's reversed momentum sparks concern over interest rate cut timing
House prices show smallest drop in 8 months