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Gold bulls pause latest ascent to $2,000

Gold’s recent crawl back up closer to $2,000 is awaiting validation from the US PCE core deflator due later today.

Further evidence of still-sticky US inflation, with another 4.7% print that matches January’s number, may force bullion bulls to wait a while longer before reclaiming the $2k handle.

Gold bulls pause latest ascent to $2,000

Although spot gold is easing slightly at the time of writing, gold bugs will be heartened by its advances this month exceeding 8%, potentially its largest since November.

Gold’s fortunes were aided this month by the weaker US dollar, as the banking turmoil prompted markets to slash their expectations for further Fed rate hikes in 2023.

However, should contagion fears subside substantially and restore the Fed back to its hawkish inflation-fighting stance, that may drag the precious metal back into the mid-$1900 region.



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