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Gold investors and traders witnessed the largest single-day drop in gold futures in over three years on Monday. Gold futures plummeted by $65.60, or 2.73%, marking the steepest decline since February 2021.
From a technical standpoint, Monday's sell-off could be an isolated event, triggered by the specific fundamental factor of Israel's restrained retaliation, which alleviated fears of an escalating Middle East conflict. Forbes predicts that the PCE inflation data could confirm a lack of disinflationary progress so far in 2024, potentially reaching an annual rate of 2.6% year-over-year in March, up from 2.4% in January. This trend has caused the U.S. Federal Reserve to downplay expectations for interest rate cuts in the coming months.
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