Gold prices slipped slightly in the morning as anticipation of key signals on U.S. inflation and the Federal Reserve dissuaded big trades, while recent strength in the dollar also weighed. It slipped from record highs last week after dovish signals from major central banks saw traders rush en masse into the dollar, pushing the dollar index to a one-month high. While the greenback did see some profit-taking this week, it still remained relatively strong. It tread water in anticipation of PCE price index data- the Fed\u2019s preferred inflation gauge- due this Friday. The reading is widely expected to factor into the Fed\u2019s outlook on interest rates.<\/p>\n\n\n\n
Gold is expected to face some resistance in the near-term, especially if sticky inflation figures point to potential delays in the Fed\u2019s plan to cut interest rates this year. The central bank had last week signaled that it planned to trim rates by 75 basis points in 2024, although this remained contingent on inflation.
Today will be focus on CB Consumer Confidence.<\/p>\n\n\n\n
Spot gold steadied at $2,171.90 an ounce, while gold futures expiring in April fell 0.2% to $2,172.45 an ounce<\/p>\n\n\n\n