Gold prices, up by 13% YTD, could dip below $2300 if the Fed maintains a cautious approach, following pressure from the latest CPI data.
Fed policy drives the gold rally, but strong inflation favours the dollar over bullion.
March US CPI data has put the brakes on the disinflation story. The positive surprise of CPI data has put pressure on gold prices.
Saqib forecasts an average gold price of $2250 with a high of $2400 and a low of $2200 in 2024, contingent on Fed rate cuts and geopolitical uncertainties.
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