Data prints coming out of the US may keep the price of gold afloat as the Fed’s preferred gauge for inflation is expected to increase for the fifth consecutive month. Get your weekly gold forecast from DavidJSong here:
prepares to normalize monetary policy as market participants look to hedge against inflation.
As a result, the update to the US Personal Consumption Expenditure Price Index may influence the near-term outlook for bullion as the Fed’s preferred gauge for inflation is expected to increase to 5.2% from 4.9% per annum in December, which would mark the highest reading since 1983. Evidence of persistent inflation may generate higher gold prices ahead of the next Fed interest rate decision on March 16 as thewarn that “financial conditions might tighten unduly in response to a rapid removal of policy accommodation,”
and it remains to be seen if the central bank will adjust its exit strategy as price growth remains well above the 2% target.as there appears to be a flight to safety, and another uptick in the US PCE Price Index may keep the price of gold as market participants look to hedge against inflation.
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