Gold prices closed last week at $2,858 per ounce, ending an eight-week rally due to a robust U.S. dollar and mixed inflation data. The core PCE Price Index indicated rising monthly inflation but a slight yearly decline, failing to trigger a shift in the Fed's hawkish monetary policy. Tensions from a recent U.S.-Ukraine meeting dampened hopes for a peace agreement, contributing to market uncertainty. While a Kitco News survey shows a bearish outlook among analysts for gold this week, potential geopolitical developments could impact market sentiment significantly.
The economic conditions remain uncertain, with inflation data showing mixed signals that keep the Federal Reserve's hawkish stance intact, impacting gold prices negatively.
Tensions from the recent U.S.-Ukraine talks have re-sparked concerns about future peace negotiations, emphasizing how geopolitical factors can influence gold's status as a safe-haven asset.
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